When you're drowning in debt, it may feel like you don't have any resources to pull you back to shore; however, many resources exist to help people navigate their way to financial freedom. By going to reliable sources for information on dealing with your debt, you'll save yourself a lot of time and potentially a lot of money as well. Don't be fooled by offers for "quick and easy" solutions to your debt. Getting yourself out of the red will take time and effort.
Federal Trade Commission
The Federal Trade Commission offers trusted advice on handling your finances and getting out of debt with warnings about each debt elimination strategy, including debt consolidation, debt management, bankruptcy and credit counseling. In particular, the FTC's article entitled "Knee Deep in Debt" details the options you have for digging yourself out of debt using both self-guided and professionally guided methods.
National Foundation for Credit Counseling
When you become overwhelmed by your debt, it's time to turn to professional help. However, with so many companies offering assistance, it may be difficult to determine which organizations are legitimate. The website for the National Foundation for Credit Counseling has a search engine that allows you to seek out reputable credit counseling organizations in your area. By eliminating scammers, you'll save yourself a lot of time, money and heartache.
Bankrate
The financial advice website, Bankrate, has a number of tools that will help you understand exactly how much debt you have and your options for getting rid of it. Included on the website are calculators to figure out how long it will take to pay off your debt, and how much paying only the minimum each month will cost in the long run. The website also hosts a huge database of articles from accountants, lawyers and personal financial advisers who answer questions that are likely to be similar to your own.
Self-Help
Ultimately, you're the one who will have to do the legwork to get yourself out of debt. If you decide to go the self-help route, you need to create a budget and choose a plan for paying off your debt. Pay down your debt with the lowest balance or the highest interest rate first, then work on your remaining debt from there. Work with a "money buddy" to stay committed to your goals. This is a person who has similar financial goals, with whom you may check in and stay accountable to as you work toward paying off your debt. Your personal network may be of the greatest assistance in helping you remain determined to pay off your debt.
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