“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
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Denver, Colorado (PRWEB) January 26, 2012
Prestige Financial Solutions understands that being debt free has become an annual resolution and it quickly disappears when the New Years begins and bills start surmounting. The idea to remember is that becoming debt free is possible for everyone. The slight fear of falling back into debt should not force people to rush to judgment and start paying off bills with credit cards. Instead, people should step back and review their finances and ask themselves what they are going to do to get to make sure they have a better year than last year. Prestige Financial Solutions, a debt settlement company is here to help create a plan for staying on track to becoming debt free this year.
Get your financial house in order. With the start of the New Year many people want to make sure they are more prepared than the year before with finances. Eventually some of us slip in to old habits and our financial situation becomes the same as the previous year. Here are some tips to keep you going on the process of becoming debt free this year.
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
Here are some extra tips for working toward financial freedom and maintaining your new year’s resolution of becoming debt free.
1. Create a monthly budget by reviewing income and expenses to determine how much you can afford to pay toward your debt.
2. Once your budget has been determine, you can explore your options, such as:
o Paying creditors more than the minimum required amounts
o Obtaining a consolidation loan to pay off all cards. It is NOT recommended to refinance your mortgage to pay off credit card debt.
o Explorer credit card counseling programs to see if your can reduce your interest while maintaining an affordable monthly payment.
o 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.
o 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, Missouri Debt Settlement, Michigan Debt Settlement, Wisconsin 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.