Not managing your debt wisely can result in...
August 28, 2023
That brand new cell phone you bought. That luxury wallet. Paying for a night out on the town with friends. What do these things all have in common? Hint: They are not necessities. No, really. Think about that for a moment. You can live without a new cell phone, you can pick up a cheap wallet that will safely hold your money and cards, and you can celebrate friends at home where you can cook for them and it will be just as enjoyable.
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Getting into Debt can Jeopardize your Future
Often, we get wrapped up in wanting the latest and greatest things and luxuries. It’s easy to do. We see something that we like on the internet, we plug in our credit card number, and magic – the item arrives often within 24 hours. But when we purchase items like this, especially when we are using a credit card, or money from savings, what we really are doing is taking away from our financial future.
Just think about it. That $150 Coach wallet, if put on your credit card, will cost you far more if you don’t pay it off immediately – especially if your credit card interest rate is 20 percent or over – and will keep costing you an additional 20 percent (on top of the last interest payment) – until you finally pay it off in full. And, be honest with yourself – are you paying off your credit card balance each and every month?
The Definition of Credit
It might make sense to look at the actual definition of credit. Credit means you are receiving funds, good or services in exchange for your promise to pay back a certain set amount of money at a future date. Or, put more plainly, you are using someone else’s money to buy something you want and you have promised them you will pay them back, or there will be consequences.
Not Managing your Debt Wisely can Result in Future Difficulties
Those consequences could be higher interest rates, a low credit score, even the ability to apply for things like a mortgage to buy a house or a loan to buy a car. Is that wallet now really worth it? Or could you have made do with the one you already have, and put that $150 down towards your debt or into your savings account?
These are far-reaching and deep questions, that actually get to the heart of your relationship with money, and your relationship with credit. However, if you are already experiencing financial distress, in the form of missed credit card payments, calls from collection agencies or even the threat of losing your home or car because of missed rent, mortgage or loan payments, it may be time for you to reach out for some kind but professional help at a credit counselling organization, like Debt Helper USA.
There are other steps you can take as well, such as try to negotiate a lower interest rate with your credit card company, get a secured line of credit to pay off unsecured loans (if you own a house) and most importantly – cut back on spending! This means all the little daily costs that eat away at your money – that daily coffee, lunch out, impetuous buys, not shopping around for best prices – all of these habits are eating into your financial future.
Get Help with our Debt Resolution Consultants
One of the best ways to reduce stress is to reduce financial debt. Of course, that is easier than it sounds. However, if you are currently in the situation where you are not sleeping at nights because you have major credit card debt, or other personal debt, then there are trained professionals that can help you. The team of debt specialists at Debt Helper USA pride themselves in treating each customer as a person with their own set of issues around finances, spending and debt.
I need help with my debt – is Turbo Debt helpful or can I look elsewhere?
Our team of experienced debt relief counsellors make it their goal every day to provide customers with all the appropriate and available options if you are struggling with debt. For example, we will reach out to your lenders to try to negotiate lowered interest rates or potentially more time to be able to pay off your debt. This is called a debt consolidation plan, and through this process, our team works to get your debts lowered to a number you can afford, and gets you back onto a monthly payment program.
When you enter a debt consolidation program with Debt Helper USA, all the calls and bills stop coming into your mailbox, overwhelming you, and you are responsible for just one consolidated payment per month. AT this time, we can also work with you to start increasing your credit score, and a debt consolidation program – over time – does help increase your score.
How to stop spending unwisely
If you have been spending unwisely, and your debt has spiralled out of control, you really have impacted your ability to live more happily in the future. The debt of today can really rob you of your happiness and your ability to move forward in the future, so if you have finally decided you are ready to take control of your debt and live a life free of financial worry, then please give us a call at Debt Helper USA.
A member of our team will take a specialized approach to your unique situation. We will talk to you about your income, your spending habits, what money you owe, and what your debt situation is right now. In some cases, we may suggest that agreeing to a debt consolidation plan may be the best approach for you, so you can move forward in your financial future and start to increase your credit score.
Now is the time. Stop letting today’s spending habits cause you future trouble. Give the team at Debt Helper USA a call.
Imagine Living Life Without Debt
- Reduce your monthly payment
- Settle Your Debt For Less Than You Owe
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