Professional services can be pretty expensive, but if you’re looking to do debt settlement on your own, there are some great things that you can do on your own, so that you don’t have to pay an expert. You’re already in debt, why add more to the bill?
Organize your debts: The first thing that you want to do is organize your debts. You can either do this by purchasing some , which I highly recommend, or prioritize it yourself. You’ll want to know who you owe, how much is left, etc. You’ll basically want to create a spreadsheet of every debt that you owe. This will make it a lot easier for you.
How much can you pay off? The next thing that you want to do is know how much you’re bringing in. You basically want to create a budget, and know what you can afford in terms of debt. If you’re not bringing in enough money, it may be time for you to get another job.
Negotiate that debt: You don’t have to pay full price when it comes to your credit card bills. Instead, you’ll want to learn on how you can negotiate with the credit card companies.
For example, if you had a $10,000 balance, and $6,500 in the bank, you can work out an agreement to settle for that $6,500 if you pay it full. If you do go this route, always make sure you get everything in writing. If the negotiation process doesn’t work, you may want to try out a 0% intro rate credit card for the time being. Both of these are great solutions.
Pay the higher rate: When you have your spreadsheet all settled, you will want to make sure that you attack the higher interest rates first, and continue to snowball your way down, while paying the minimums on the rest of your accounts. If you have 4 credit card accounts, and each one has a different rate, attack #1 highest rate first, followed by #2 when #1 is done.
Debt settlement on your own isn’t hard. Follow a few tips mentioned above, followed by making money on your own, and that debt will be gone in no time.
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