Options For Those Drowning In Debt

Drowning in Debt.  You have options.

You’ve done it.  You may have done it again after swearing you wouldn’t. 

Maybe you even filed Bankruptcy before because of it.  Despite your best intentions, you’re saddled with credit card or other debt, struggling to stay afloat.  You try to carry on, but you’re not making any progress.  You’re one big car repair or other unexpected expense away from serious financial trouble, or you’ve already experienced that and now don’t know what to do.

We get it, and understand everything you’re going through.  The question is, what are you going to do about it?  

As we see it, you have four options.  Each may offer advantages or disadvantages depending on your situation.

Do nothing, keep a stiff upper-lip and carry on.

Sounds very British, but in reality won’t likely change your situation without either a change in life’s circumstances (getting a windfall or a higher paying job) or spending habits.  If you make an adequate income, your problem might be able to be fixed with better money management.  Can you cuts your spending and devote the funds to start paying off a debt?  Look at things like eating out, shopping habits, or expenditures on things that are not really necessary.  If you can do this for a little while, you might be able to get out debt.

Borrow money from another source to try to get out.

This is likely only a stop-gap measure, unless you “borrow” money from a person you do not have to pay back. 

Try a debt settlement program. 

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Bankrutpcy. 

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