How to Get Out of Debt
GAINESVILLE-- Thirty-five percent of americans have been reported to collection agencies.
That's according to the urban institute.
Angela Gomez is a financial analyst who works with people all over the world to get them out of debt.
She says here in Alachua County some of the biggest problems with debt are students loans and mortgages.
The biggest reasons people get buried in debt is they think they make more than what they do and dont know how to budget.
People also have to be realistic about how much they are actually spending compared to what they think.
By going to websites like mint dot-com you can set up a plan to budget you're money.
Also remember there are options to paying back those credit cards.
(Angela Gomez, Green Path Debt Solutions) " one of the things people don't realize is on their statements they actually have a three year program on there. if they make that three year payment they'll have it done in that amount of time and save some interest."
Whether you're in debt or not there are free services in your area that can either help you in person or on the phone.
Some Extra Tips:
1. If a debt collector calls you ANSWER and tell them the truth. Avoiding them will only make it worse.
2. Look up a financial advisor such as Green Path Debt Solutions in your area. Many other them offer FREE services.
3. See if there are any seminars in your area about staying out of debt, there's always some for any type of debt.
4. As for student loans, dont take more than you need the interest will add up.
5. Same for credit cards. It may seem like saving a $1 or $2 at a store is worth it but the interest will make those savings void.
6. Use cash instead of a debit card. You'll realize the moneys gone faster than swiping a card.
7. Find a budget calender and estimate your real expenses. For example, if you say you're spending $200 at the grocery store make sure its actually $200.
8. Keep up with your credit checks. You dont want to find out one day that you're score is actually less than you thought.
9. Bankruptcy is an option, while it may not be at the top of the list it is always important to remember, but always consult a financial advisor first.
10. Do some research, they're are plenty of free websites online to find a financial advisor online and many of them are offered through the phone.
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