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3 Places To Get Debt Advice

This is a guest post from financial blogger Mike Brains.  What do YOU do for debt advice — use professionals, or do it yourself?  Tell us in the comments below.

3 Places To Get Debt Advice

With a record number of foreclosures and bankruptcies, finding places to get debt advice isn’t much of a challenge. The challenge lies in getting the right advice for a particular situation. Many people struggle with major decisions in this difficult economic climate, from contemplating the differences between balance transfer credit cards to choosing a low APR credit card that best serves their needs. Others are looking for help with balancing bill payment with a reduced income to avoid the worst case scenario.

Professional debt services can help negotiate payment plans with credit card companies and may also be able to reduce late payment fees and high interest rates from the overall balance. They are also able to help consolidate loans, credit card balances and other expenses into one manageable payment. This alone may be enough to help people with a debt problem to get it under some kind of control.

Some non-profit organizations specialize in debt reduction and can aid in formulating a budget to control spending and facilitate bill payment. Many people do not realize where their income goes, and by analysing spending habits they are able to make necessary adjustments which are beneficial to their complete financial picture. Sometimes all it takes is for options to be laid out in an organized manner for a clear outlook.

Specialized debt lawyers can help with more dire situations when bankruptcy or foreclosure seems inevitable. Although there are options for people to handle either situation on their own, the fact is both choices involve complicated laws and actions that may be better left to professionals for an optimal outcome. There are many different scenarios and it can be confusing trying to negotiate the maze of requirements, conditions and laws which impact bankruptcies and foreclosures.

A serious debt problem is difficult to get under control, and it may take a professional to arrive at the best option. Every situation is unique, and presents a different set of challenges. Often, the financial picture can look quite grim until someone from the outside evaluates the entire  financial position and is able to recommend a beneficial course of action. In any case, consulting some kind of professional debt service might be the best decision someone struggling with money problems can make in the first place.

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