CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

Five Tips for Getting Debt under Control

Dealing with out of control debt is one of the most stressful experiences in life. It is the type of stress that keeps you awake at night and prevents you from enjoying life. Luckily, there are ways to get debt under control, but it takes some effort. If you are facing seemingly insurmountable debt and you fear a financial disaster is lurking just around the corner, these steps could help you get back on track. Likewise, if you have already hit a financial wall, the changes listed below will help you correct your mistakes and rebuild your financial future.

Know What You Owe

Begin by getting a big picture look at your situation. Many people facing major debt do not even know where they stand. Make a list of all of your debts, their amounts, and their monthly due dates. Also note the interest rate on each debt and whether the debt is something that could be paid off in months, one year, two years, or longer. For instance, a recent computer purchase could be paid off in a few months, while a student loan would likely take years.

If you have a debt on the list that you could pay off within one to three months, put all your excess money toward it. Getting this “quick win” can motivate you to continue with a debt management plan. Your success will make you feel better about your situation and eliminate one entire bill from the monthly roster.

Prioritize

Determine which of your debts has the highest interest rate. Aside from the quick pay-off, the highest interest rate debt should be your first priority for pay off. The faster you pay it off the more money you have to put toward other debts. Once the highest interest debt is paid off, move on to the second highest and so on.

You can also try to negotiate better terms on your high interest rate debt. Some lenders are willing to work with you if it means they can count on a payment every month. If you are able to get your all of your interest rates in the single digit range, you stand to save thousands of dollars each year.

You might also consider consolidating debt. If you currently have two credit cards and one has a lower interest rate, move the balance on the higher rate card to the one with the lower rate. This can be tricky because there might be balance transfer fees and you might not have enough credit available to combine the debts. However, it can help you feel more organized, reduce what you are paying out of pocket by several hundred dollars each month, and save you money on interest in the long run.

Create Strict Budget and Stick to It

Now that you have your debt sorted out, you need to create a strict budget that puts as much money as possible each month toward paying down debts. This means putting some things on hold in your life, but in the long run, it will give you financial freedom. It also helps you become a better risk to lenders, so you are more likely to be approved for loans down the road. For more tips on creating a budget, visit Cnn’s Money Page

This plan is ideal for those who are just on the edge of major financial problems, but it can still help if your debt has spun completely out of control.

If you are scared your debt has become a monster you can no longer control, we can help. Contact the Law Offices of Robert M. Geller at 813.254.5696 to speak with someone about debt and money management.

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

Tips for Rebuilding Your Credit after Bankruptcy

One of the primary goals after filing for bankruptcy is rebuilding your credit. As tempting as it might be to...
Read More

I’m Starting a New Life and I want a Financial Fresh Start – Should I File for Bankruptcy Now or Wait?

As the say goes, “when it rains it pours.” If you’ve found yourself experiencing financial difficulties while also dealing with...
Read More

What Does It Mean to Get a “Financial Fresh Start” in Bankruptcy?

Financial Fresh Start You’ve probably heard it before. “Bankruptcy gives you a financial fresh start.” It’s something stated on this...
Read More

Tips for Overcoming the Negative Emotions of Bankruptcy: How Can an Attorney Help Me with My Finances?

As advantageous as bankruptcy is when you are struggling financially, it’s still a stressful experience. Some people have a tough...
Read More

Why Bankruptcy Attorney Help Guarantees the Outcome You Want

Bankruptcy can be a blessing, but it’s also a complicated process. Bankruptcy attorney help means you'll understand the complexities of...
Read More

Can I Get a Mortgage After Bankruptcy? How Bankruptcy Attorney Help Leads to a Hopeful Future as a Homeowner

Securing a loan is one of the biggest challenges faced by someone after filing for bankruptcy. But this doesn’t mean...
Read More

How Does Claiming Bankruptcy in Florida Affect Your Children?

Claiming Bankruptcy in Florida Understanding how claiming bankruptcy in Florida affects your children is an important part of determining whether...
Read More

Claiming Bankruptcy in Florida: What Happens When You File for Bankruptcy and Your Spouse Does Not?

Claiming Bankruptcy in Florida You already know how much the things you do affect your spouse when you are married....
Read More

Should You Pay Back What You Owe Loved Ones Before You File for Bankruptcy?

Florida Bankruptcy Laws It’s common for people who are struggling financially to turn to their friends and family for help....
Read More

Bankruptcy and Family Law: Does Filing Affect the Child Support I Pay or Receive?

Bankruptcy and Family Law If you’re like many people, the well-being of your children is your most important priority. Struggling...
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

NACBA Logo avvo1 avvo2 avvo3 LEA BBB Logo RG Seal

Call For A Free Initial Consultation

813.254.5696

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 532-3939

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions