If your debt is beginning to slip out of your control, you may be able to reel it back in with these 6 steps:
Perhaps the most important piece of advice to remember is to pay as much as you can every month – NOT the minimum amount. As highlighted in step 3 of the above infographic, paying the minimum amount not only prolongs the amount of time you’ll be in debt, it also increases the amount you’ll actually pay in interest.
Working to pay off debt is a worthwhile goal, but it shouldn’t completely consume your life and happiness. If you feel that your debt is beyond managing alone, bankruptcy may be the right option for you. Bankruptcy can eliminate all or part of your debt, and in some cases, you may even be able to pay off specific debts in order to preserve your relationship with creditors.
For more information about filing for bankruptcy, contact DeLuca & Associates at (702) 252-4673 for a free consultation.