Deal with Debt

It is common for people to be in debt. Borrowing for cars, homes and personal goods is expected. Normally debt is incurred through borrowing from
Banks
Credit cards
Finance Companies
Family or friends

What to do

Make a list of everyone to whom you owe money with amounts and interest being charged
Make a list of your assets; home, vehicles etc
If the debt plus interest exceeds your monthly income
Discuss your debt problem with your bank and ask for their assistance
Consider a lower interest rate debt consolidation loan from your bank
Seek help from debt counselors (many governments offer this service)
Decide who to pay first

Renegotiate payment agreements with banks or finance companies to lower interest rates or spread payment over a longer time
Borrow money at lower interest to pay off high rate credit cards
Reduce the number of credit cards in your possession to none or one
Borrow money from trusted non-using family members to pay off debts
Sell property to pay debts

Who do you owe money to? Is this a cause of increased stress to you?

This entry was posted on Friday, November 18th, 2005 at 4:31 pm and is filed under Drug Addiction, Drug Rehab. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.