Discovering Your Debtby Melvin Singleterry (Associated Attorneys)
Many people are “in denial” about how much money that they truly owe. Taking out several credit cards along with a lot of other unsecured debt can lead to a great deal of trouble down the road. The deal is that you are not a child, and your problems are not going to just disappear. You simply have to grow-up and take care of them.
There are many people that choose to ignore their financial problems and these people often do not even open their statements to see how much money they actually owe to each one of their lenders. The first step in trying to get debt free is to face the music and read those statements and look into exactly how much money that you owe. Most people are shocked when they add up the total amount of money that they owe, and the large number can be rather debilitating.
Fortunately, you still have a couple of options available to you in order to try and get yourself out under your mountain of debt.
The first option is to try to handle your debt on your own. You can contact your credit card companies and try to work out payment arrangements that will allow you to get your debt paid off and get on with your life. The only problem is that you do not hold a legal license, so most companies will assume that you are not fully aware of your legal rights and will take advantage of that. They will try to weasel as much money as possible out of you, and some of them may not even return your phone calls.
Your other option is to seek legal counsel from a qualified debt settlement attorney. All your attorney has to do is write a letter to your credit card companies on their legal letterhead for them to at least pay attention to them. The attorney will know what your rights, options, and chances are for trying to get the credit card company to forgive some of your debt and accept some of your repayment terms. This is why it may cost a little bit of money upfront, but is well worth the cost and will save you money in the end.