How to Get Rid of Debt
How to get rid of debt is very similar to how we get rid of excess fat on our bodies. Sound crazy? Read on…
The New Year has just started and people all around the world are promising themselves certain changes they plan to make in their life this year, a ritual we all know as our New Years resolutions. For a great many people that resolution includes shedding excess body weight.
Solutions for getting out of debt parallel solutions for getting rid of excess fat. Yes, it’s true! Let’s break down the ways you can do both.
Do it yourself
The simplest and most basic strategy is to put yourself on a diet, a food diet and a money diet are similar and they both require a healthy dose of discipline. The trick to how to get rid of debt lies in living (eating) within your means, budgeting what you spend (how much you eat), and increasing your income as much as possible (exercising).
Both weight loss and debt reduction take time, it’s a process that requires patience and dedication to achieve your final goal. Those who have the will power can do it themselves but for those who need some help….
Get a trainer
The second way to get rid of debt and get rid of fat is to get a trainer. Someone who can guide you, counsel you, and help you along when times get tough. We all know how an exercise trainer, a nutritionist, and a dietician can help us achieve our weight loss goals but who trains people how to get rid of debt?
I like to compare credit counselors who offer debt management programs to trainers. Why? Because they help you budget, plan, and organize your finances to make bill payments easier and more manageable. They are someone a person in debt can lean on for advice and guidance in learning how to get rid of debt. Specifically, they provide:
- free financial budgeting counseling (as mandated by the government as a public service)
- a program to consolidate your bills so you are better able to organize your financial life
- help with reducing the interest rates and fees you may be charged by your creditors
So I think it’s accurate to think of them as trainers for your fiancial life. But let’s say your problem is bigger than that, what do you do?
As far as weight loss is concerned some people turn to more drastic measures to help them lose the weight faster. They seek out a specialized surgery like liposuction where they can quickly reduce their weight with a single action to help them quickly reach their goal.
I liken liposuction in the weight loss world to debt settlement in the how to get rid of debt world. With debt settlement you attempt to cut down a big portion of your outstanding debts through a negotiation process. Typically this involves the help of an experienced debt settlement company who understands the process and likely works with all the major creditors on a daily basis for their large pool of clients giving them some negotiating power.
Similar to liposuction the negotiation process can cut your credit card debt amounts by 30-60% and in some rare cases even more. While it does not happen in a single day (like liposuction) is does make a huge dent in the problem and may help some people achieve their goal to get rid of debt faster than they may with either the do it yourself or get a trainer solutions discussed above. That’s how to get rid of debt with a debt settlement companies help.
So the similarities are there and the solution that’s best for you (for either weight loss OR debt relief) depends on your specific situation and the degree to which you believe you need help.
Good luck in this New Year with BOTH your weight loss and your debt loss!