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After living with debt for many years, it often becomes just a way of life and a way of thinking. Your financial accounts are set up and the amount of your monthly bills is routine. But, instead of feeling as though this is how life is going to be forever, do what is necessary to make a change.


Put a plan into motion that can help relieve debt permanently so that you can begin living a more stable, and at the same time, more carefree life. Here are the steps you should take…


A Saving Strategy That Works


The first step in setting up a successful debt relief program involves a change in thinking. For instance, knowing that making more money results in a higher cash flow and the ability to save is essential. When you have money saved, a number of options open up that were never there before.  


Anyone who is trying to turn their credit around must become more aware of how debt occurs, how to get it paid off, and how to stop adding to the problem. When that new way of thinking about money is solid, the next phase in the strategy can begin.


Getting a Plan in Motion


The plan to get back on track is simple. While everyone is going to have to alter the details to fit their specific financial condition, the elements are the same. Think about the acronym S.A.F.E when you are creating a foolproof plan:


“S” is for systematic. Start with a basic idea of how much money is going to be put away and how often – $100 a month, $25 each week, or whatever is reasonable.


“A” is for automatic. Have the money taken out and deposited automatically so you don’t know it’s even available.


“F” is for forgettable. Forget that the money has been made, deposited, and saved. Do not touch it.


“E” is for enough. Be sure that an adequate amount is being put away so that a change can be made. A good guide is about 10% of your earned income.


Stay On the Plus Side


After getting an appropriate strategy set up, it is easy to see how staying on the plus side will not really be that difficult. As the savings account builds and you are better prepared for the curve balls that life throws, you will become more comfortable and realize you don’t have as much reason for concern. Sure, there may be some depletion of funds from time to time, but problems are not going to result in a mountain of debt with a huge interest rate.


The only way to improve credit, cash flow, and net worth is to work on all three of these areas together. Each one is directly related to the others, and the more progress made in one category, the better off the remaining two will be.



Before getting overwhelmed with a savings plan, know that there are professional credit repair specialists who can assist you in getting financial accounts in order. When you are at a loss for where to begin, these experts have the knowledge to individualize a plan that is perfect for any situation.

When you are drowning in debt, it may seem as though there are only two options: pay it off or file bankruptcy. In reality, there are several ways to reduce and eliminate debt. The five major options include debt reduction, debt consolidation, credit counseling, debt settlement, and bankruptcy. Learn more about each before you decide what to do.


Settle, Consolidate, or Reduce


After falling behind on bills, it can be impossible to catch up. Debt settlements can be effective in this situation. Call the credit card company, student loan office, hospital, or other creditor/collector to explain the problem. They may be able to offer some help.


In some cases, they will reduce the amount of your regular payments or they will accept a partial payment for the debt and close the account. Hospitals are known to completely erase bills if they feel the hardship is one that cannot be recovered from. No matter what, you can’t know your options until you ask the questions.


Taking out a large loan to pay off all bills and have just one monthly payment is debt consolidation. This can be risky, because sometimes the payment is more than the separate bill payments or the interest rate is higher. Do proper calculations before committing to something like this.


Finally, start paying off the one debt that is most reasonable. Then, when money is available after paying off that one debt, put it toward the next debt. Debt reduction is not feasible if funds are not available.


Hire an Expert


Credit counseling services are professional agencies that do debt settlement for you. They will take the details of the debt and set up arrangements with whomever is owed money. You pay a fee to the counseling service each month. You could possibly complete this process independently, although a credit company has knowledge and experience to expedite the process.


Bankruptcy Isn’t Forever


In the instance you are completely buried with no way out, bankruptcy can protect you from being sued, having wages garnished, and having judgments against you. This action involves all debt being completely wiped out. You get to start over, in a sense. However, this is a big hit to a credit score, so it should be carefully considered before making the decision.



Stop feeling hopeless about debt. There are options to help get your head above water. If you cannot decide what to do, there are professional credit repair specialists who can help sort out the situation.