We live in a society drowning in debt. This isn’t the good kind of debt that people used to get into in the bygone days of the 1980s and 1990s. No, this is the type of insidious debt from which it is nearly impossible to escape.
Right now, debt from credit cards, medical bills, and student loans is crippling people of all ages across the West. And the problem doesn’t seem to be going away anytime soon. Well, not until the low-interest rate party ends, that is.
So as an individual, what can you do to escape the maws of the debt collectors? Here are some useful hacks.
Credit Card Debt
There sometimes come a time when we’ve built up so much debt on our credit cards that we realize that it is going to be almost impossible for us to repay. It’s at times like these that we have, to be honest with ourselves. If you’re affected by high credit card debt, the first thing that you need to do is write down who you owe and how much. It can be a painful process to look at how much you owe, but it’s a necessary one.
The next step is to begin the process of negotiation with your creditors. Remember, they’d quite like to be paid back at the end of the day, and so there is always room for maneuver. Write to them, explaining in detail why you can’t afford to repay them. They may decide that it is in their interest to reduce the rate of interest on your outstanding balance. Just lowering the interest rate by a small amount can mean the difference between paying off the loan and defaulting.
Student debt is in the news right now which is hardly surprising. It’s one of the biggest issues faced by young people all over the West. Colleges keep putting up their prices. So the incessant rise of debt doesn’t seem like it is going to go away anytime soon.
The best tactic to managing student debt is to make smart decisions early on. Things like getting a job while you study help to take the edge of tuition fees. And finding ways to cut down on living expenses also help. Sites like http://propertiesandoptions.com/pay-off-student-loans-quick/ offer more detailed advice.
If you’ve ever been hospitalized, you’ll know how expensive it can be. The price of medical treatment, like college, is rocketing.
But when it comes to medical care, there is an even greater problem. Unlike college, purchasing it is often crucial to your survival. Ultimately, many people can get saddled with large debt they can’t afford to pay.
As with credit card debt, there may be ways to negotiate down the costs of medical care. On top of that, there are services which allow you to consolidate payments. And there are also government programs, like the Medicare savings program that can help.
Finally, you could try crowdfunding. There have been thousands of people successfully treated through money donated online.