Stress isn't going to pay down your debt for you. Dig deep and create an aggressive budget that includes eliminating unnecessary costs of any kind.
North Salt Lake, UT (PRWEB) January 20, 2016
Lexington Law Firm’s Consumer Education Specialist, Randy Padawer, responded to the recently released American Household Credit Card Debt study put forth by NerdWallet. The study found the average American household carries a staggering $129,579 debt, with a huge portion of that, $15,355, on credit cards.
The survey findings went well beyond the discernible causes of debt and mined through the psychology of debt and the fallout beyond obvious repercussions, such as late payment fees and plummeting credit scores.
“Financial debt comes in many shapes and sizes, but consumers should not be afraid to address the behaviors that brought them into the situation,” said Dr. Randy Padawer, on behalf of Lexington Law, a consumer advocacy law firm and trusted leader in credit report repair. “Pause for a moment and be brutally honest about the current state of your finances — think income vs. output — whether or not you are living outside of your means, and what can be done immediately to try and reverse course and set yourself back on the path to financial wellness.”
Whether dealing with a car loan, student loan, substantial credit card debt or something more considerable like a hefty mortgage, Padawer recommends taking a similar approach, ultimately creating a healthier relationship with finances while decreasing debt and increasing savings:
- Pay debt down: Accrued interest on debt can cause further financial challenges. The best way to deal with debt is to pay your balances off as soon as possible. This may mean cutting out weekend entertainment, travel or suspending monthly contributions to your 401K for a few months, but at the end of the day living debt-free is truly liberating.
- Start at the top: Tackle your credit cards with the highest interest rate first.
- Ask and you may receive: Don’t be shy! Call your credit card company and ask for a lower rate. Remember that they are competing for your business and would prefer that you don’t transfer the balance to another company.
- Just breathe: Debt can be overwhelming, but stress can actually bury you even further causing underperformance at work, relationship issues and a host of other problems. You are the captain of your own ship. Thinking clearly and getting past the frustration of your current financial situation will work wonders in correcting your financial course.
"Stress isn't going to pay down your debt for you. Dig deep and create an aggressive budget that includes eliminating unnecessary costs of any kind," says Padawer. "Realize that you are not alone and that it can be beneficial to enlist the aid of an industry professional who can further boost your confidence and help to navigate your way out of debt.”
Additional information and tools for financial health and credit repair can be found at http://www.LexingtonLaw.com.
About Lexington Law
Lexington Law Firm is a consumer advocacy law firm that focuses its practice in the area of consumer credit report repair. Lexington has helped hundreds of thousands of Americans work to improve their credit. The firm is comprised of dedicated attorneys and paralegals who deliver professional services to its clients on a daily basis. By leveraging consumer rights to resolve issues with creditors, data furnishers, and credit bureaus, Lexington Law Firm works to ensure that client credit reports are fair, accurate, and substantiated. For details about Lexington Law Firm’s services or attorneys, please visit http://www.LexingtonLaw.com.