Debt Settlement – How It Helped Me Get Out Of Debt
I’ve always been open with my life. My personal finances are no different. Frankly, the more I share about my finances with other people, the more I realize that most folks I know are going through the same things. In that spirit, I’m going to tell you about my debt. Specifically, I’m going to explain how I got out of debt. There are lots of ways to do it; what I’m about to describe to you is the path I took.
The Trouble With Consumer Debt
I knew trouble was brewing. I had accumulated a lot of consumer debt, the majority of it was on my credit cards. Most of it was my fault. I made stupid buying decisions just like a lot of people. Eventually, those decisions caught up with me. I knew the balances on my credit cards were rising. But, the minimum monthly payments were always low. “No problem,” I thought. Well, I was wrong.
When Creditors Call
When I began having problems paying the minimums on my credit card balances each month, I started getting phone calls. On the other end of the phone, debt collectors made it clear that they wanted their money. At the time, I owed several thousands of dollars on 3 credit cards. That was a dismal period. If you’ve never spoken with creditors, they can be aggressive. Before long, I was letting every phone call go to voice-mail. At that point, I knew I had to do something.
Settling My Debt
I contacted a company that specialized in helping people settle their debts with their creditors. I was fortunate because a friend of mine had gone through the same problems. He had used a debt settlement firm to help him pay off his debts and he suggested I do the same. I’m glad I took his advice. The company I called immediately began negotiating with my creditors. They contacted all 3 of my credit card companies.
Not only were they able to reduce the amount I owed by over 50%, but the creditors’ phone calls stopped, too. That was a major relief. And since I wanted to be free and clear of the credit card balances, I tapped into my savings and paid the reduced amounts. Today, I use 1 credit card. I buy groceries and gas and then pay the balance off entirely when I receive the statement each month.
It’s a wonderful feeling not owing any money to creditors. A lot of debt (credit cards, doctor’s bills, etc.) is designed so you’re paying them off for years. But, with the help of the debt settlement company, I was able to settle for substantially reduced amounts and pay them off quickly. And there’s no better sensation than being financially free, unshackled by consumer debt.
