If you or someone you know is in financial hot water, consider these options: self-help using realistic budgeting and other techniques; debt relief services, like credit counseling or debt settlement from a reputable organization; debt consolidation; or bankruptcy. It depends on your level of debt, your level of discipline, and your prospects for the future.
The first step toward taking control of your financial situation is to do a realistic assessment of how much money you take in and how much money you spend. Then, list your "fixed" expenses — those that are the same each month — like mortgage payments or rent, car payments, and insurance premiums.
At that point, your creditors have given up on you.
Lower My is the one-stop destination that offers savings through relationships with more than 500 service providers across multiple categories, including home loans, credit cards, auto and health insurance, and long-distance and wireless services.The goal is to make sure you can make ends meet on the basics: housing, food, health care, insurance, and education.You can find information about budgeting and money management techniques online, at your public library, and in bookstores.If you’re struggling with significant credit card debt, and can’t work out a repayment plan with your creditors on your own, consider contacting a debt relief service like credit counseling or debt settlement.Depending on the type of service, you might get advice on how to deal with your mounting bills or create a plan for repaying your creditors.
Search for consolodating bills:
Next, list the expenses that vary — like groceries, entertainment, and clothing.