Debt Advice

Debt is one of the number one stressors in American life. Most people have credit card debt, student loans, car payments mortgages and so on. It is easy to get in too deep with debt very quickly, especially when half of your mail is preapproved credit card offers. This can mean that half or even more of your monthly earnings are being used to pay back debt. Regardless of personal debt or company debt, in order to get out of it there needs to be a plan.

The first part of any plan to get out of debt needs to be to stop adding to the debt. The more you take on, the more you pay back. Adopt the mindset of, “If I can not pay in cash, then I can not pay right now.” Instead don’t buy anything you don’t absolutely need. If you do need something save the cash until you can buy it without using credit. Credit always costs more money. Credit cards and loans come with interest rates. The longer you take to pay back borrowed money the more you end up paying.

Next make a list of a creditors and the amounts owed to them and pick one to pay off at a time. Any extra money should be put toward that debt until it is paid off, then once it is you move onto the next debt. Eventually you will make it to the bottom of the list and have debts paid and feel so much better.

If you find yourself needing help, Cain and Daniels has twenty plus years of experience with settling debt out of court and avoiding bankruptcy. We negotiate with creditors to make a payment plan that works for you without putting your business finances at risk. We will help you keep your doors open and help you make a debt payment plan that is effective and works for your budget. Get started putting debt behind you today, with Cain and Daniels.