Let’s Talk about Debt


So many people in this country right now are struggling to find ways to save money, and at the same time, crawl out of a hole of debt.  We’re one of those families, and although we’re doing it, it’s a slow process. However, there are ways to work with your creditors…

First, you need to make sure that before you even talk payment with your creditors that this debt hasn’t already been ‘charged off’. If it has been, you may want to sweep this under the rug for now, and move on to one that’s still ‘active’.  Find out what the Statutes of Limitation is in your state. You’ll need to know this as it will help you with the organization of your debt management, as creditors have a specific amount of time they can collect on a debt. You will want to know if that time limit has passed or not.

Remember, after seven years, debt does vanish out of your credit statement and cannot legally remain on your credit history, even if the debt has not been settled.  Always challenge these debts!

Something a lot of people are considering right now is debt consolidation.  There are a lot of companies out there who claim they can help minimize your financial debt load by 25% or more.  Please make sure you’re working with a reputable company, and make sure they are giving you some kind of credit counseling as well, so that you can make sure once you’ve settled your debts, and have crawled out of that hole, you don’t let it happen again.

No matter what the situation, make sure you take the time to research your debts, know your state laws about debt collection, and settle them as best you can.  You don’t want to run into some of the risks that come with unsettled debts such as wage garnishment, or having your home seized.  The bigger the debt, the bigger risk you run by not settling it.

Talk to your creditors, negotiate with them, you’ll be surprised how easy of a solution you can find.

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February 28, 2012 – 10:46 AM - | Posted in Uncategorized | 4 Comments »

4 Comments to “Let’s Talk about Debt”

  1. Maria D. Says:

    i only graduated college a year and a half ago and didn’t have any student loans, so my debt isn’t that bad right now. i can’t imagine the kids my age that had to take out a lot of loans. i’d be crazy right now.

  2. Melissa@LillePunkin Says:

    We are paying down consumer and student loan debt. It can get discouraging, but we have sworn off incurring any new debt, so with every payment, we know we are one step closer to being debt free.

  3. Julie Says:

    Thanks for this useful text, we’ve just given a try to the debt consolidation, because we’ve found a really nice offer which is comfortable for us. I think I can redeem my debt in a decade.

  4. Steven Says:

    I agree with you. Sometimes, talking to the creditors will make a difference. They will likely be willing to help you in making a payment scheme that will not drain your wallet; that is also way better than not receiving payments at all.

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