If You Have Too Much Debt

If you’re struggling with too much debt you’re not alone.  It seems as if the whole nation has a borrowing hangover, over leveraging for property & buying on credit.  For years, credit was easy and many people became overextended.  But, economy might be slowing down, we now must learn to live in austerity and it’s time to get our affairs in order. 

The five strategies you may want to avoid: 

The first advice of experts in the field is to be sure you don't make your situation worse by making common mistakes.  In particular try to avoid:

•Paying only the minimum payment on your debt, as this will result in the amount you owe actually growing, and your problems will only become worse.

•Relying on friends and family, as this can damage relationships with the most important people in your life.

•Unscrupulous credit counselors that demand cash upfront, or high fees for help they promise, but don't deliver.

•Using new high-interest loans to pay off lower interest rate loans--while it may be easier to just have one payment, it will actually increase the amount you have to pay back.

•Declaring bankruptcy--this can have permanent and severe consequences on your financial future; avoid if you can, especially when debt settlement may work for you...