"Any society that would give up a little liberty to gain a little security will deserve neither and lose both." ~ Benjamin Franklin

Dig Out From Under That Debt

>> Sunday, November 16, 2008

Before you grab that credit card to pay for Christmas items you really can’t afford I want you to ask yourself something: “Why am I buying this?”

More than likely you by stuff for the same reasons we did:
1) We thought we “needed” it
2) We waned to “impress” someone with what we could “afford”
3) Money spent = love
4) Just because we could

That is how we ended up with a debt load of, well, let just say it’s over $75K. Not including our house. Let’s not go there.

Doug and I began to get serious about our debt last summer and it’s meant a lot of changes to our lifestyle. But every time I see another item get paid off I celebrate. It’s going to be a long road, but I’m gonna tell you that paying off debt feels a whole lot better than racking it up.

I do a lot of reading and web browsing on Debt Relief options. And there are many out there. I was perusing FreedomDebtRelief.com the other day. They utilize a debt reduction program wherein they figure your total debt load (unsecured debt like credit cards, medical bills and signature loans) and then determine a dollar amount that you can pay towards these debts. You then save the money and FDR then negotiates with your debtors on your behalf.

You want to do your homework to see if this is the best option (read the FAQs on their debt reduction page and make sure you ask lots of questions) for you and if this company is licensed in your state before you begin negotiations. FDR also lists other options on their website (such as credit counseling and debt consolidation) for you to research.

I know that figuring out your debt load is scary (ok, it’s actually terrifying) and seems overwhelming. It’s ok to ask for help.

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