For most people, knowing where to start is the hardest part
HACKENSACK, N.J., September 12, 2016 /PRNewswire/ — For many people trying to get out of debt, confusion and uncertainty are common themes – along with the fear of finally confronting the problem.
But a new guide published by Allstate Debt Consolidation aims to change all of that. The guide explains all of the steps involved in the process of debt reduction.
It’s fast, easy, and even helps people prepare for the mental side of it. Jack Dominico, company spokesperson, has this to say: “Before we put this guide together, we did a lot of research and quickly realized that most people trying to dig out of debt didn’t know where to start and didn’t know all of the steps involved.
On top of that, many were afraid of dealing with the problem of debt reduction. So we made the guide as simple, clear and unintimidating as possible. Everything is laid out in layman’s terms.”
The guide explains how anyone attempting to get out of debt needs to prepare themselves mentally. In particular, they need to come to grips with the fact that they need to make some changes in their life and daily routines.
Ultimate goal is being debt-free
As far as the technical aspects of getting out of debt are concerned, the simple guide provides a wealth of information. It shows people what to do from the very beginning, and walks them through the entire process all the way to the ultimate goal of being debt-free.
First, they explain the importance of writing all debts down on a piece of paper – including the interest rate for each debt. This helps give people a crystal clear picture of what they owe.
Next, the guide talks about the importance of refraining from spending on things that aren’t really needed. And they explain the critically important step of not adding any more debt to credit cards.
This is something many people get wrong and wind up falling down and adding more debt to their finances. Not using credit card is a good choice for anyone trying to erase their current debt.
The guide can be viewed here.
They then go on to show people how to create a budget.
A budget roadmap
According to Allstate Debt Consolidation, the budget serves as a roadmap for staying on a path to financial health. One tip they give that might be overlooked by some is to call creditors and try to get interest rates lowered.
This might seem pointless at first, but it has worked for others in the past.
Naturally, they also cover the part of actually paying off the debt and they breakdown the 2 main methods for doing so.
In addition, they also cover the various ways in which people in debt can bring in more money to help their debt situation. Some of the ways mentioned include selling stuff you no longer use and getting a second job, or getting a better paying full-time job. Or just simply getting a raise at work.
The last part of the guide is dedicated to showing consumers all of the different programs available to them to help in getting out of debt.
They even explain the order in which consumers should try the programs so they can maximize their savings and minimize their risk.
For using a third party program successfully, consumers can go here.
Some of the programs mentioned are balance transfer cards, debt consolidation loans, settlement programs and even borrowing money from relatives and friends if someone’s situation allows it.
AllstateDebtConsolidation.com is a debt and personal finance portal that helps consumers with cope with money troubles and financial setbacks.