Dealing With Debt
Below is a MRR and PLR article in category Finance -> subcategory Debt Consolidation.
Dealing With Debt
Nobody wants to find themselves in debt, but it's important to tackle the issue before it becomes unmanageable. Here are some practical solutions to help you handle debt effectively.
Getting Back to Basics
Start by focusing on the essentials. Consider lowering insurance deductibles for homeowners, renters, and vehicle policies where possible to save money. Avoid the risk of bouncing checks by opting for overdraft protection, which often costs the same as one bounced check. Talk to your bank about services that offer free checking and savings accounts, overdraft protection, and online bill paying.
Smart Shopping Strategies
When shopping, always check your receipts, as items often scan at incorrect prices. Some stores have policies allowing free items if they're priced incorrectly. Use a handheld calculator or a notepad to keep track of your spending.
Managing Medical Debt
If you're dealing with medical bills, resist the urge to charge them to your credit card or refinance your home immediately. Consult legal counsel first, as there may be alternative solutions. Inform billing parties that you need financial aid, and apply for any available assistance. Set up minimal payment plans for the remaining balance, even if it’s just $10 a month. Unlike credit card debt, healthcare bills don’t have to be reported to credit bureaus in the same way.
Returning Unnecessary Purchases
If you have recently purchased items, consider returning what you can for a refund. Many credit card and mail-order companies allow returns within 30 days. For items past this period, especially if they're faulty, write to the place of purchase and include the manufacturer, distributor, Better Business Bureau, and your state Attorney General's Office. Explain why the product is faulty and request a refund. Involving these entities can often yield positive results.
Taking Control
The key is to take charge and return to basics when debt starts spiraling out of control. Implement these strategies to manage your debt and maximize your financial resources.
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