It’s always a good idea to seek expert council, more specifically, a debt reduction specialist or financial counsellor.
When you’re in a difficult financial position it may be hard for you to see things for what they really are to the point that you may not even have the ability to take a realistic look at your situation because you’re so deeply invested in it.
Even if you’ve not skipped a single repayment and still have control of the situation, you may be feeling that it’s only a matter of time before something happens that will send things spinning out of control.
The financial experts will suggest suitable solutions
These independent professionals will be able to provide you with an unbiased evaluation of your debt situation and suggest suitable solutions.
They may also be able negotiate better repayment schedules and agreements with your creditors so that the damage is minimised. Be careful not to confuse a debt consolidation organisation, which will charge you fees for their services, with a financial counsellor who will offer you their services for free.
Look to your family for help & support
In addition to seeking out professional help, you should also look to your family for help and support particularly, your spouse or partner, who needs to be onboard if any real, long-lasting changes to your debt situation are to be made. If you haven’t confided in your family with regards to your debt situation it may be a good idea to do so; a parent, aunt or uncle that may have a good knowledge about financial matters may be able to sit down and work through your debts with you.
This will not only ensure that you do a thorough job of organising your debts but will also provide you with the emotional support and motivation that you need to see things through and stick to your plans.
You may think that the first place anyone would go to for help is their own family however, this couldn’t be further from the truth; people would rather go to a complete stranger and ask for money than ask their own family.
This is usually because people feel that their family would be disappointed if they found out about their financial hardships.
It is not only a lot safer to borrow money from family it’s a lot cheaper too since it’s unlikely that your family members would charge you absorbent interest rates and penalty fees. If you’re up to your neck in debt and want to avoid paying severe penalties or, possibly losing your home you should certainly turn to your family for help.
Just ensure that you use the money you’re borrowing from them to make a real difference to your debt situation and not to merely tide you over for a short period of time.