Anyone one that has ever struggled with debt will understand just how much of a burden it can be. Not only does it affect you financially, it impacts upon every area of your life, causing stress and putting a strain on home life. Owing large amounts of money to creditors has you longing for financially independence, without the need to rely on loans and credit cards. The only true way of achieving such independence is through debt elimination and many financial advisors suggest that eliminating debt completely is the only way to a brighter future.
Confronting your debts is the first step in debt elimination, once you have acknowledged that you are in debt, you can begin to tackle it. This first stage is often the hardest, many people that are in debt are ashamed to admit it, and thus find themselves with mounting bills as they struggle to make repayments. However, taking a stand against debt is the only way to finally obtain financial independence.
Tackling debt is going to be almost impossible without the help of a financial advisor – someone that can look through your finances and put a debt elimination plan into place. A financial advisor will be able to interact with creditors on your behalf – something which is often a struggle for many people. When dealing with creditors alone, you can often find them to be pushy and intimidating, receiving the help of a financial advisor will ensure threatening letters and phone calls are stopped. They will also put into place an arrangement with each creditor, starting with the most important debts (mortgage, fuel bills, secured loans etc.), whereby you pay them a monthly sum that is affordable to you based on your income and essential outgoings.
While a financial advisor will be key in debt elimination, there are steps that you will need to take to stand a chance of achieving financial independence. The first thing to do will be to start using cash as opposed to credit cards, many financial advisors will recommend that credit cards are cut up and thrown away. Any offer of credit received through the post should be instantly thrown in the trash and you will need to learn say NO when offered credit over the phone or when at the mall.
A trustworthy and experienced financial advisor will be essential in creating a debt elimination plan that works around your circumstances. Using the Better Business Bureau will ensure that you find someone with a long and proven track record in delivering financial independence for their clients.
Getting finances under control will help to get your life back and start afresh without the constant worry of creditors – a debt elimination plan will ensure this and is a great first step towards achieving your financial goals.