Your New Year’s Resolution Should Be Learning the Art of Debt Management

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The holidays are over and January brings the promise of a new year and a “new me” for many. Having overindulged, overspent and kicked back in style, coming back down to earth is the next course for almost everyone.

Learning the Art of Debt Management

As gyms all over the US enjoy an annual peak in new subscriptions from many with good intentions intent on shedding some festive pounds, many of the regular clientele are dreading the busier environment. The reason for such resentment among the established crowd is that they are putting in the work all year round and dismiss the guys who turn up according to New Year resolutions which generally burn out sometime around early February.

Related: How the Debt Snowball Really Works (Free Tool Included For YOUR Debt Snowball!!)

debt can make you sickDebt – It Can Be Controlled

So what does this teach us about debt? Well, not everyone was lucky enough to be born into a position where they never have to worry about money. No one is born with a six-pack and toned arms. Debt, much like the slow transition from average weight to one day waking up to find that your favorite jeans don’t fit anymore, is something which can be controlled.

There is help, however. Debt Management Companies, being the most pertinent example, help you to tackle financial problems, much like a personal trainer with fitness, one day at a time. Understanding what debt you have will help you to find some way of making arrangements with creditors. There is potential for you to negotiate lower payments on unsecured debt, yet there are certain criteria which must be met.

What Are Your Options?

There is a wide range of help available depending on your circumstances, such as

  • Credit Counseling services,
  • Credit unions, Extension offices,
  • Religious organizations, and
  • Nonprofit agencies..

Budgeting, cutting out unnecessary spending and ensuring that any plans forged to lower expenditure are realistic and are good starting points in your bid to escape financial woes. If you are in a position to turn sacrifices into cash, putting $30 away could help ease the burden of unexpected bills or to appease a creditor with a lump sum offer. This could then be paid at less than the outstanding balance. Prioritizing bills is something which will eventually become straightforward, once you self-impose positive habits.

It Won’t Be Easy, But It’s Worth It

If this is the first time you have found yourself in debt, remember that you are not alone. Running from troubles only makes them worse, so it always important to tackle financial issues at the earliest convenience. The toll on mental health when it comes to dealing with debt can be significant, affecting home life and your ability to function at work and in society.

Your situation will absolutely determine your plans for getting out of financial troubles. In order to dig your way out of debt, it will take work and lots of effort. And don’t expect instant results. Much like those with fantastic expectations that a few hours of half-hearted work on the treadmill will suddenly earn them a modeling contract..it’s just not going to happen. If accruing debt was a slow process then, generally speaking, getting out of it will be too.

Keep up the awesome work. Learn the art of debt management and you’ll set yourself up to win!

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