Many people who are in debt try to solve the problem with a DIY approach, gradually reducing their spending and increasing the amount of debt repayment they are able to afford month by month. Gradually, and as long as they don’t run into too many major obstacles along the way, the debts reduce and they eventually get out of being in debt.
However, for some people, no matter how hard they try, the level of debt that they have is just too big to deal with alone. At this point, the stress and anxiety that being in debt causes will really impact on all aspects of life – including relationships, sleep and health.
If this sounds familiar, and you’re looking for a way to get debt-free, you may consider getting some professional financial advice. There are many different companies and organisations that offer debt management services. Some will charge the person in debt a fee for helping them arrange debt repayments, others will charge their fees to the creditors for whom they recover the money. If you can’t solve your debt repayment problems by yourself, it may be money well spent to pay a debt management company fee.
The different solutions that are on offer include a debt management plan and a debt consolidation loan. For those with greater debts to deal with, there is the possibility of declaring bankruptcy, but this is really viewed as a last resort option.
Working with a debt management company can not only help you stay on track of re-payments, but as the debt management company deals with creditors on your behalf, it can help remove a lot of the stress from your situation as you won’t have creditors contacting you or chasing you for payment directly. It’s also easier administratively to deal with one monthly repayment to cover all the debts, rather than paying them off individually.
Just remember that by using debt management services, you are not wiping out your debt, you are just managing it in a different way. You won’t be able to consider yourself debt-free until all your outstanding debts have been paid off.
After a long struggle, Emma has now been debt-free for three years. She realizes how much of a burden debt can be and
hopes that through writing she may inspire others to get rid of debt and enjoy a more stress-free life!’