Who Can Help You With Your Debt?

Do you have a debt that you are having trouble paying? This in not an uncommon situation, and millions of people across the country have found themselves in the same spot at least once in their lives. It can be a very stressful time, and many people think that it is something they have to deal with alone. But this is not true! There are several avenues out there that you can take to help you work out your situations, and many people who will be able to help you.

The company that you owe

The first thing you should do is to pick up the phone and call the company that you owe. Explain the situation to them, and let them know that you want to pay but are having problems right now. The company is likely to be understanding. Especially if they are a larger company they will have had this situation before and they will understand that people go through rough financial patches all of the time. The company will just want to recover their money, not send you into bankruptcy! They will usually be open to the idea of setting up a payment plan. This means that you will pay back the debt over time, paying off as much as you can every month. This is the best way to tackle the debt if it is possible. It is important that you make contact with your debtors, so that they are aware of the situation – if they do not hear from you they might assume that you have no intention of paying, and that is when they will refer your account to a debt collector.

Financial aid

Having a trained financial officer help you with your problem can be a real eye-opener. In most states there will be a financial aid service that you can access if you are having problems with your debt. They will be able to advise you on the best course of action to take, such as payment plans and debt consolidation. They will also be able to help you work out a budget so that you can keep track of your money. They might also give you advice on how to get more income, such as by getting a second job. These officers are trained and knowledgeable about finance, so you know the advice you get will be good. It can often be very helpful just to have someone to talk to about the situation – as well as getting good financial advice, it can also be very therapeutic.

Your bank

Your bank is another institution that you can talk to if you are in debt. Make an appointment to go in for a consultation, and talk to them about how you can change your financial situation. If you are in a serious amount of debt you might want to talk to them about taking a larger step such as taking out a second mortgage on your home or getting a consolidation loan. Remember that this is something that you should only do if absolutely necessary, as taking on a new debt to clear an old one is not an ideal situation. It is always worth talking to your bank, but think carefully before you take any big steps to clear your debt.


The Internet can be a fantastic tool for research. There are billions of websites at your fingertips, and so much knowledge contained in these sites that it is quite mind-boggling. You should spend as much time as you can online, educating yourself about finances and money management. It is this knowledge that will help you to stay out of debt once you have cleared what is existing. There are also tools online that can help you, such as online budgeting and money management courses. Whatever you can do to help you is a plus, and if it is as easy as simply turning on your computer then that is even better!

Being in debt unfortunately still carries a stigma, even though it is an extremely common situation. This is why many people think that they have to suffer through on their own without any help. However, as we have discussed above, there are plenty of people willing to help you if you are willing to ask. The saying goes that a problem shared is a problem halved, so by talking to others about it you are helping to take some of the weight off your mind. And you are likely to get some great advice that will help you to solve your problem, clear your debt and get back on track. Bad debt does not make you a bad person, the only reflection of you is how you choose to deal with it, so make sure that you are smart and always aiming for financial freedom.