Paying Down Your Debts One Day at a Time

Getting out of debt is a marathon, not a sprint.  The only way to pay off your debts all at once is to receive a windfall such as a lottery win or an inheritance, or else to take out a debt consolidation loan.  The first only happens if you are extraordinarily lucky, and only then, after you spend a lot of money on lottery tickets, or if someone close to you dies, and the second option means that you pay off your old debt but immediately get a new debt that you must pay off.  It is also possible to discharge some of your debts in bankruptcy, but most people do not choose that option until after they have tried everything else to pay down their debt with their own earnings.  When you are in the midst of trying to pay down debt while living paycheck to paycheck, it is depressing to think about how much you still owe and how long it will take you to pay it off if you make only slightly above the minimum payments on each of your debts.  A little optimism goes a long way, but to address the debts that are truly unaffordable, you should consult a Plantation debt lawyer.

Rejoice in the Small Victories

When dealing with debt and tough financial circumstances, as with so many stressful situations that do not have a simple solution, it helps to take things one day at a time.  Instead of keeping detailed notes of how much you owe, since bill collectors will remind you of this at every opportunity, keep track of the small pieces of encouraging news.  Sign up for a service that rounds up to the next dollar and deposits the change into your savings account, and then be proud that, after going to two supermarkets and a gas station, you have $1.75 more in your savings account than you did yesterday.  Rejoice when, at the end of the month, your savings account earns a dividend of 53 cents.  Take pictures of your homemade dinners, created from pantry staples, and send them to friends.  Your friends may reciprocate, and soon everyone will be sharing ideas about frugal cooking.  At the end of the month, you may have paid only ten dollars more than the minimum payment on one of your credit cards, but it is better than nothing.  Sign up for a rent reporting service so that the credit reporting bureaus will give you a credit score boost for paying your rent on time.

The Placebo of Small Victories Will Not Stop the Financial Exploitation of the 99 Percent

Celebrating your good financial habits can help you get through the day, but if you think it is unfair that you have to work hard all month to afford to pay ten dollars beyond the minimum payment on one of your debts, while the wealthy can borrow hundreds of thousands of dollars with just a smile.  A debt lawyer can help you settle your unaffordable debts for a lower amount or discharge your eligible debts through a bankruptcy filing.

Work With a Debt Lawyer About Paying Down Your Debts Slowly or Quickly

A South Florida debt lawyer can help you find realistic ways to get out of debt.  Contact Nowack & Olson, PLLC in Plantation, Florida to discuss your case.

Source:

kiplinger.com/personal-finance/tips-to-get-your-financial-wellness-in-shape