There are a lot of ways that people find themselves in debt. You had a family wedding in the Caribbean, but you didn’t have the money so you charged it and figured you’d deal with the credit card later. Maybe your income was reduced and you didn’t have enough in savings so you paid for living expenses with your Visa. Or maybe your son had an unexpected tonsillectomy and now you’re stuck with thousands of dollars in medical bills.
Regardless what happened, you now owe money to a creditor or hospital and a new monthly bill doesn’t quite fit into your budget. So the vicious cycle begins…you might be taking turns on bills – paying one creditor this month and another creditor the next. Before you know it, you’re behind on some payments and you’re getting late fees and phone calls.
Here are signs that the debt cycle is stressing you out:
- You have trouble sleeping because you’re thinking about the debts you owe.
- You avoid opening your bills or checking your online statements.
- You screen your calls (more than normal) because you’re worried about the credit card companies or collection agencies calling you.
They say that ignorance is bliss, but not when it has to do with your finances. The less you know, the more it could negatively affect you. NOT dealing with your creditors is the worst thing you can do.
So what should you do next?
First, open your mail. You need to be informed about the status of your accounts.
Then the easiest step after this is to call LSS at 888.577.2227 to schedule a financial counseling session. Instead of doing it by yourself, your financial counselor will set up a budget with you. From there, s/he will help you determine the best plan of attack to conquer your debt.
One option that helps a lot of people is the Debt Management Plan:
- Debts are consolidated into 1 easy monthly payment
- Typically interest rates are reduced
- Your payments may even be reduced
- With on-time payments, you’ll be debt-free in 5 years or less
You can start on your online counseling session right now by clicking below:
Check out how the DMP has helped people just like you by reading our testimonials.
If you want a FREE phone or in-person appointment, call LSS Financial Counseling at 888.577.2227. Get started today and take charge of your life!
Author Elaina Johannessen is a Counseling Supervisor at LSS Financial Counseling.