Getting Help with Debt - Cleveland 19 News Cleveland, OH

Getting Help with Debt

Posted by Web Staff - email | Facebook | Twitter

GETTING HELP WITH DEBT
The temptation for many people in debt is to bury their head in the sand or ignore the debts; this is a very dangerous practice that people are finding is not in their best interests considering we live in a time of credit ratings that can affect many areas of our life.
The important advice many financial experts are giving out is for people in debt to get help before it's too late, even if your debts have spiralled out of control then there are always options available to you which you may not be aware of. Debt Counselling is one of these outlets that can help you manage your debts but also can be offered by lenders to make sure the debtor and lender are kept informed of each other's situation and standpoint.
Some lenders may assume the worst when re-payments are not made or the debt totals start piling up and so rather than not getting any re-payments at all they will consult with debt counsellors to ensure that the debts can be settled amicably for both parties.
By involving a debt counsellor they are able to provide less emotional involvement and being detached can help see opportunities for a resolve that either party may not be aware of.
One such action is an in depth analysis of the total income and expenditure of the debtor. This can help to see how much can be realistically spent on re-payments as well as result in a recommended measure you can take such as debt consolidation.
For those who possess large debts or are struggling to pay off any debts they currently have there are a number of tips that a debt counsellor can help with to ensure your debts don't become a serious problem:
* Make minimum repayments - Making minimum payments each month will show you are able to cover your debts and will ensure your debtors are not concerned about your ability to repay their loan. 
* Cut back on spending - There are many consumer advice outlets that can help cut back on shopping, bills and other expenses, by cutting back on spending you'll be able to make larger payments and get out of debt quicker. 
* Don't ignore your debts - Ignoring your debts or not paying attention to interest rates is very dangerous, being aware of your debts and making sure that you consider them when it comes to your income and expenses will ensure you don't fall further into debt. 
* Consolidate your debts - Sometimes you may be able to consolidate many high interest loans into a lower interest bulk loan, in some cases you can get a significantly lower interest rate if you have a secured loan against your home, although it's important to note that your home is liable to repossession if you fail to meet payments.
The important point to remember is to seek advice early when you first fall into debt in order to ensure you don't build up large unmanageable debts.

Local Debt Services

CCCS of Northeastern Ohio
Cleveland, OH 44115

CCCS of Northeastern Ohio
Beachwood, OH 44122

CCCS of Northeastern Ohio
Parma, OH 44129

CCCS of Northeastern Ohio
Mentor, OH 44060

CCCS of Family & Community Services, Inc.
Chagrin Falls, OH 44023

Midwest Credit Counseling
Streetsboro, OH 44241-5365

CCCS of Family & Community Services, Inc.
Kent, OH 44240

CCCS of Northeastern Ohio
Medina, OH 44256

Family and Community Services, Inc. Credit Counseling
Medina, OH 44256

CCCS of Northeastern Ohio
Akron, OH 44320

Family and Community Services, Inc. Credit Counseling
Akron, OH 44304

CCCS of Family & Community Services, Inc.
Ravenna, OH 44266

CCCS of Northeastern Ohio
Warren, OH 44483

CCCS of Ashtabula County
Ashtabula, OH 44004

CCCS of Northeastern Ohio
Alliance, OH 44601

CCCS of Northeastern Ohio
Canton, OH 44714



©2009 WOIO. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. 
 

Powered by Frankly