With today’s tough financial times, it is not uncommon for many people we know, ourselves also, to be struggling with debt. There’s all kinds of debts, starting with credit cards, automobile and student loans. For those who have been lucky enough, or others today would say “not so lucky” to buy a home financed by bank loans, the monthly mortgage payment is often the largest financial obligation anyone has.
Given the increasing cost of living and relatively stagnant income growth levels coupled with a recessionary economy, we are seeing and hearing about foreclosures, personal bankruptcies and businesses closing down more than we are used to. This leaves many people unsure of where to turn to for an objective assessment of their current debt and how they will be able to pay them down.
There are many options to reduce your debt, but many people have different situations and not every answer is clear on what can be done. Some people are unable to increase their income, limited by their current jobs or welfare income. Others are unable to reduce any expenses as they are already stretched bare by spending on only the basic necessities: housing, food, transportation, medical care and such.
Many people are in-between. They can reduce their debt by cutting expenses such as credit cards, giving up a car and using public transportation instead or eating out less often. Others can increase their income by taking a 2nd job on the weekends, asking for more hours at work or to start a business of their own.
Some of you who are not sure what your options are for reducing debt and freeing up your financial resources for a better quality of life, you can find help at GreenPath.com. This non-profit organization provides free debt counseling service and helps you find options for debt consolidation, financial reorganization or personal bankruptcy. Should you pursue one of their service options, there is a fee that is included. However, for a financial counseling session, it is it is free!
If you are deaf and need to access financial counseling, you can simply call GreenPath using the VRS and spend about 30 to 45 minutes developing a personal budget with the counselor. They will ask you all the questions relating to your monthly expenses, your current income, credit card amounts and interest rate for each credit card and loan.
After the call is completed, they follow up by sending you a completed report of your budget, expenses and recommendations for your financial situation. All for free…
Disclaimer: This is not an endorsement or paid advertisement for GreenPath.com. The author performed due diligence in researching the mentioned non-profit and found them to be legitimate and in good standing.