November 15, 2016

Debt Counseling

Wishing away your debt does not get you too far, but there are foolproof plans to pay off credit card debt. With debt counseling, you figure out how to keep your finances in check so you feel empowered in all parts of your life. Debt affects not just your physical surroundings, but your spiritual and emotional health. According to an article by U.S. News & World Report, the average American household has about $7,300 in credit card debt. The article interviewed author Beverly Harzog, who wrote the book, “The Debt Escape Plan.” After receiving debt counseling, consumers often devise a budget and plan so they don’t rely on their credit cards as they should an emergency fund. Interestingly credit card debt appears as a greater problem for women in the 18 to 24 age category with 63 percent of females carrying credit card debt compared to only 36 percent of men. It’s not just younger women who carry more credit card debt. A study showed 66 percent of women versus 33 percent of men in the 55 to 64 age category carried credit card debt. Whether you are male or female, consider some of the author’s tips to escape debt.

Making specific goals

A credit counselor helps you come up with financial goals. Experts such as Harzog recommend making specific goals with a timeline. She says the most difficult part is just getting started. By receiving debt counseling, you motivate yourself to nail down specific financial goals.

Cutting back instead of eliminating

Instead of trying to do without certain pleasures, the author suggests scaling back on lifestyle choices. Maybe you can’t give up coffee, but at least choose a less expensive brand. Instead of giving up pedicures, look at your history and make adjustments. If you used to go every other week, go once a month.

Knowing your triggers

With debt counseling, you often identify your spending triggers. For some people, the spending trigger is looking at sales on the Internet or shopping at particular stores. If you tend to buy more when you shop with your sister, consider exercising or going to the library with her instead.

Consolidating your debt

Experts recommend people make more money and consolidate debt. Making more money involves starting a side gig and working overtime. Consolidating debt is easy with a debt management plan through a credit counseling agency.

Once you pay off debt with a debt management plan, you feel free and enjoy your other goals in life. At Christian Credit Counselors, we provide debt counseling to consumers. For more information on consolidating debt, please contact us.


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