4 tips you need to know for reducing debt !

Updated: Jan 22

4 tips that everyone needs to know for reducing your debt !

As a recent newlywed and woman in the arts and entertainment field, it's highly important to know how to monitory ones finances and develop power habits towards reducing debt that has agglomerate over the years. Debt is the silent antagonist that no one wants to talk about. However, there are so many options to help resolve what seems like a never-ending whirlwind of no way out with a few simple tips.

One thing forsake is that we have to be vigilant of those who are selling dept relief programs that tend to ask for upfront fees or offering payment plans like $1 down, if it sounds too good to be true it’s usually a red flag for a scam.

1. Don’t panic! Take it one step at a time when negotiating settlements and developing your personal payment plans. Do your research to find out which debt relief service is reliable, make calls, book appointments to better structure your financial road ahead. Learn the do’s and don’t and how to stay away from the swarming pool of scammers. Entertainers are highly susceptible to these types of scams all the time, as we are always trying to figure out how to stay afloat by navigating new ways of multiple streams of income, however even with these accessibilities, spending can be at an all-time high, as the lifestyle demands a lot of financial support to stay relevant. It's important regardless of which career path you are pursuing, it is a must to connect to platforms like Federal trade commission and debtconsolidation.com to receive adequate guidance to stay afloat with the great education taught.

2. Is there a demand for fees upfront? After much observation through personal research, observing my family and friends spending habits and lifestyles that end up in a mis mash of debt, I notice the same scenario of falling for the bait of services offering quick repair “Guaranteed” without any proof. I realized most scam relief operations that charge thousands of dollars in service fees, only create more debt for seeking customers. Genuine companies only have you pay when they are able to represent you to negotiate a feasible payment plan with your creditors. Any companies who sell the idea of “fixing” your credit score by removing any poor reports(late payments, travel expense, etc) from your credit history is impossible, as there are always consequences and unfortunately can NOT be removed. However, through improved spending habits in the future, you can reconstruct and build your way up. For me I have fallen through the rabbit hole plenty of times, with tuition fees, shopping expenses for my career path, travel incurred fees, preparing for my wedding ceremony, leisure, you name it. Yet I intentionally, make the effort to adjust my lifestyle where I no longer have to spend loosely but tactfully.

3. Read relief company reviews this point seems like a no-brainer, yet its a repeated mistake many of us face. Reviews give genuine perceptions from clients who have invested time and energy into relief companies and to no avail. By reading through both the positive feedback and negative complaints, one gets a fair chance at finalizing their own decision to help make a wise final report. I often indulge in company reviews as I have almost walked into detrimental situations that would have done damage to me for years without any tangible recovery, just because I wanted to have access to quick money to further establish myself as an entertainer. With years of trial and error, I have learned to navigate with wisdom with hopes that you as the reader can hopefully gain some insight. Search engines like

BBB - Better business bureau help to weed out the scammers, it's important to stay clear of companies that use generic names that make it hard to find reviews. Also, check out the National foundation for credit counselling, anyone associated with them is always in great standing.

4. Always read the fine print, know what rules apply! This cannot be emphasized enough, take the time to read each line of the debt company's you come across entails. One needs to understand where your money is going if you choose their services. Here are a few details below they must indicate:

  • What is the time duration to receive results for a settlement with each creditor?

  • What happens when you stop making payment to the creditors?

  • Is it guaranteed the money you deposit is yours, and any interest accumulated? Is it possible to be withdrawn without any penalty? (See more)

When dealing with debt relief companies it's important to be sure of what you are getting yourself into, with the assurance that it will be favourable to you in the long haul. That's why it’s important to read all the details in the fine print, and ask QUESTIONS! QUESTIONS! QUESTIONS!

If you still have a hard time finding the right debt settlement, there are multiple options still available to choose from, like bankruptcy, debt consolidation, last resort, consumer credit. There is never a dead-end to solutions, continue to gain knowledge, and get more advice until a final decision is made towards the right path.

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