[COLUMN] Are you feeling buried under a mountain of debt?

ARE you facing a mountain of debt and don’t know what to do in order to avoid getting buried? Debt problems can wreak havoc on your personal life in many ways. And left unsolved, they can spill over into other areas of your life, causing problems not only at home but maybe even at work or in your business, if you are self-employed.

If you are struggling every month to make even minimum payments on your debts, maybe you know what I am talking about. Maybe you’ve been trying hard to break free from the vicious cycle of debt, but you just don’t know where to start in finding a way out.  Some people are trapped in an endless pattern of borrowing. They want to stop but they just don’t know how.  These are the people who are already buried in debt as it is and yet they continue to borrow every month just to pay other debts. It seems to work for a little while and then sooner or later, they find themselves maxed out with no other choice but to file bankruptcy.  Can you still avoid this situation or is it too late?

Every day, I see a lot of people who don’t even know how much they owe anymore.  At some point, they knew that their debts have spun out of control, so they just stopped keeping track of them.  When was the last time you reviewed your credit card statements to see how much you owe, how much interest you are paying and how long it will take you to pay off what you’ve borrowed?  If you haven’t done this in a while, I suggest that you take the time to do it in order to find out exactly where you are.  This may be an intimidating process to some people. Others simply don’t want to know because they are in denial about how serious their debt problems are. They are afraid to know and have to face the reality of their debts. What will it take for you to take action and do something to turn your situation around before things get worse?

In order to reduce the burden of debt in your life, you will need to conquer your fears and develop a strategy to get out of debt. Maybe you need to cut your spending and learn how to live on a budget. Perhaps you need to give up a few things in your life no matter how much you want to have or keep them. To get out of debt, you need to make several commitments to yourself. One of them is being able to stick to a budget that allows you to live within your financial means.  The goal is to spend less than you earn so that you can accelerate the process of getting out of debt by sending more than the minimum amount required to your creditors every month.  Learn how to make better choices with your money and slash as many unnecessary expenses as you can. Stop using your credit cards except for emergencies. Avoid the temptation of purchasing anything on credit.  If you can’t afford to pay cash for something that you want to buy, that means you can’t afford it, period.

If you need to get your financial house in order, we can help you evaluate your options. Some people are simply beyond help with their debts that unless they file bankruptcy to either wipe out their debts or at least consolidate them into an affordable monthly payment, they have no other way out. If you think this describes you, it would help to talk to a professional who can help you explore your legal options.

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NOTE: Due to COVID-19 pandemic, I am offering free consultations BY PHONE to anyone who needs help in dealing with their debt problems.

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None of the information herein is intended to give legal advice for any specific situation.  Atty. Ray Bulaon has successfully helped over 5,000 clients in getting out of debt. For a free attorney evaluation of your situation, please call RJB Law Offices at TOLL FREE  1-866-477-7772.

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