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Consumers get into debt for all kinds of reasons. For instance, many folks took out mortgages worth hundreds of thousands of dollars to purchase homes during the housing bubble of the mid-2000s. When home prices collapsed just a few years later, they found themselves saddled with home loans worth more than their actual houses.
Unable to sell their properties at a profit, they stopped making their monthly mortgage payments and walked away from their homes. In the process, they devastated their credit ratings and wiped away much of their net worth. Many were forced to do the unthinkable and declare personal bankruptcy.
Others find themselves in debt through no fault of their own. Millions of Americans either can't afford health insurance or choose not to purchase it, leaving themselves and their families vulnerable to ruinous medical bills stemming from unforeseen illnesses or injuries. Costs for lengthy private hospital stays may run into six-figure territory, forcing the afflicted to take out risky personal loans or open unsecured revolving credit lines once they've burned through their savings.
No matter why you find yourself in debt, it can be a frightening experience. You may feel powerless in the face of growing balances, spiking interest rates and increasingly insistent telephone calls from your creditors.
Pulling yourself out of your dark debt hole won't be easy. In fact, it may not be possible without the help of a debt relief professional. Nevertheless, you owe it to yourself to try to solve your debt problems on your own before calling in the cavalry.
Even if you'd like to think that you're fairly smart with your money, there's probably a surprising amount of fat remaining in your household budget. Begin your one-person fight against debt with a frank look at your day-to-day expenses.
Start with your grocery bill. Each week, you make dozens of important decisions at the supermarket. Taken individually, these choices may not add up to much: The difference between a $2.29 box of name-brand pasta and its $1.69 generic counterpart may seem trivial at best.
Then again, the decision to purchase a slightly more expensive product becomes more noticeable when it's repeated 20 or 30 times in a single shopping trip. You'd probably jump on the chance to shave $10 or $15 from your weekly grocery bill simply by changing your brand loyalties.
Changing your diet by degrees can have an equally dramatic impact. Unless you're lucky enough to live in a warm climate in which it's possible to procure low-cost fresh produce at any time, you'll save hundreds of dollars per year simply by eschewing fresh fruits and vegetables in favor of flash-frozen varieties. Studies suggest that frozen beans, peas and other types of produce retain the bulk of their native nutrients when they're packaged shortly after being harvested.
Pair these incremental budget cuts with an aggressive debt-repayment plan. In the beginning, devote the bulk of your financial energy to paying down those cards and loans that carry high rates of interest. Work your way down the interest-rate ladder until you're left only with low-interest or secured credit facilities.
Depending upon the severity of your debts, this disciplined approach to debt relief may be enough to pull you out of your predicament. It may also fail.
If it does, don't blame yourself or your creditors. Instead, seek the help of a trusted debt settlement specialist to learn more about a process that may significantly reduce the size of your outstanding obligations.
Unlike credit counselors or debt consolidation lenders, debt settlement firms negotiate with your creditors to cut your actual debt balances. The debt settlement process does more than trim a few percentage points from the exorbitant interest rates on your debts: It encourages your creditors to accept a reasonable settlement and saves you thousands of dollars in the process.
If you're interested in learning more about reducing and potentially eliminating your debts in just a few short years, call a debt settlement specialist toll-free or fill out the no-obligation inquiry form today.