Are Debt Management Programs Worth It?
Being in debt is no fun. In fact, it can be downright stressful. People in debt are easy targets for scammers that are touting debt management programs. There are legitimate debt management programs but it is crucial to do some background research before making the plunge. The FTC, as well as several states’ attorney generals, have really been cracking down on scammers, with lawsuits and even criminal investigations.
You Can Probably Handle It Yourself
Before you go and sign up with a debt management program, try to see if you can come up with your own plan. Speak to all your creditors and see if you can lower your rates. These companies are well trained to help create alternative arrangements. At the very least, it can’t hurt to ask. It’s in their best interest to give you an alternative.
Make Sure To Check Your Credit Report
Credit reporting agencies make mistakes, and they do it often. Don’t just accept whatever the report as the end all decision. If you see inconsistencies, contact them and get it cleared up. This is important because if you can improve your credit score, you can refinance your debt for an overall lower rate. This can lead to lower monthly payments that are affordable.
The Government Offers Some Guidance
The United States government has many resources to educate people on the debt management process. They can alert you to scams and how to properly choose a debt management company, if you choose to go that route. Start with the resources of the Federal Trace Commission’s website. For those outside the United States, many of your government’s resources are made available much in the same way as the United States. Check with your government’s resources.
Seek To Increase Income
One great way to reduce your debt is to increase the amount of income you are making. You could find a second job or your could sell some old items from the attack or the basement. If you are good at crafts, you could create crafts and sell them online or at local markets.
But what if I gave you way that you can do from home (or anywhere where there is an internet connection), and you can even continue working your regular job, that has the potential to bring in the necessary income to pay down your debt. This is not only possible, people are doing it all the time. Several are even making enough to money to give up their regular job. There is no guarantee that this happen if you decide to do this but using the techniques that are taught, you will have a much greater chance of making it work for you.
Next Steps!
Getting out of debt takes time but making extra income can reduce that time drastically. If you want a foundation to creating an online business that can not only help you get out of debt but actually has the potential to replace your regular job, then it’s time to learn how to do it the proper way. Click on the button below to find out how to get started!
