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Tip #4: Educate yourself
You may have already learned some things about personal finance through trial and error. But you should also get some books on the subject, subscribe to a magazine like Money or start reading blogs like National Debt Relief. If. If you devote just 15 minutes a day to studying personal finance, you should do much better in 2017.
Tip #5: Learn where you stand
The next thing you need to do is pull your credit report and credit score. This will help you see exactly where you stand financially. You can get your credit report free from each of the three credit reporting bureaus (Equifax, TransUnion, and Experian) or all of them together on the site www.annual credit report.com. You can get your credit score free from sources like CreditSesame.com, CreditKarma.com, and the Discover Card website.
Tip #6: Check out your options
Check out the options for dealing with debt. The first is a debt consolidation loan. If you have decent credit, you might be able to get a personal loan and use the proceeds to pay off all your debts. The advantages to this are that you would have a lower monthly payment than the sum of the payments you’re currently making, and you’d only have one payment to make a month, which should be much easier to handle.
If the majority of your debt is credit card debt, a second option is to transfer all their balances to a new credit card with a lower interest rate. If you still have a reasonably good credit, you might qualify for a 0% interest balance transfer card, which would give you as many as 18 to 21 months interest-free to pay off its balance. This could be enough time for you to completely pay off the debt.
A third option would be to go to a non-profit consumer credit counseling agency for help. If you do this, you will be assigned a credit counselor who will develop a debt management plan (DMP) designed help you become debt free in four to five years. You would also have just one payment to make a month to the credit counseling agency, which would then distribute the money to your creditors.
The final option, which has become increasingly popular over the past few years, is debt settlement. This is where you hire a debt settlement company like National Debt Relief you owe. In fact, in many cases a good debt settlement company can get your debts reduced to a fraction of what you owe. Plus, you would then have only one payment to make a month, which again should be less than the sum of your current debt payments.
More tips for controlling your debts
If you'd like more tips for managing your debt, here's a video you should watch.