Prestige Financial Solutions Recommends Creating a Budget Plan for the New Year

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Prestige Financial Solutions recommends creating a budget plan for the new year.

Prestige Financial Solutions Debt Relief Program
“Anxiety caused by credit card debt can be a highly emotional situation and people need to be sure they’re working with a reputable, established company that has their best interests in mind,” said Amy Thompson, a founder of Prestige Financial Solutions.

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With Christmas over and the New Year right around the corner, everyone is in joyous spirits. Prestige Financial Solutions, a debt settlement company, understands that one of the biggest New Year’s resolutions is to get out of debt. With many people overspending during the holidays, a common occurrence involves the use of credit cards to get by.

Get your financial house in order. With the start of the New Year the first thing that one should do is analyze the finances from the previous year. Each major purchase, such as a car or television set, should be reviewed and deducted from the budget for the coming year. At the beginning of this year, create a financial plan so you'll know where you stand. If you are not sure how to begin the process of getting out of debt this year, here are some tips:
1.    Analyze your finances
2.    Review all purchases made last year
3.    Determine if there are any necessities for the new year that are different from the previous year
4.    Develop an emergency fund
5.    Create a Budget and stick to it

If credit card debt is putting a strain on your finances, here are some tips to help you work towards financial freedom:

1.    Create a monthly budget by reviewing income and expenses to determine how much you can afford to pay toward your credit card bills.
2.    Once your budget has been determined, you can explore your options, such as:

  •     Paying creditors more than the minimum required amounts.
  •     Obtaining a consolidation loan to pay off all cards. It is NOT recommended to refinance your mortgage to pay off credit card debt.
  •     Explore credit card counseling programs to see if you can reduce your interest while maintaining an affordable monthly payment.
  •     Research debt settlement programs, and look specifically for programs that do not charge upfront fees and can eliminate your principle balance within 36 months or less.
  •     Declare bankruptcy; a last resort due to length and cost of the process and the effect it will have on your financial well-being and long-term credit.

Prestige Financial Solutions strongly recommends consulting with a debt advisor to help you assess your situation and further explain your options. To find reputable companies who may be able to help you, visit the Better Business Bureau’s website. Consumers should be well-informed and ask questions, as there are pros and cons to each option. If you are in doubt about which states may work with debt settlement companies here are a few websites that may help you: Colorado Debt Settlement, Michigan Debt Settlement and Alabama Debt Settlement.

“Anxiety caused by credit card debt can be a highly emotional situation and people need to be sure they’re working with a reputable, established company that has their best interests in mind,” said Amy Thompson, a founder of Prestige Financial Solutions.

Prestige Financial Solutions is one of the nation’s leading pay-as-you-go debt settlement companies. This company can be found online at http://www.prestigefinancialsolutions.com or by calling 1.866.761.1227. For Spanish speakers with debt, help can be found at De Deuda.

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Lorrin Nahinu
Pay As You Settle
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