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Debt. The word alone causes most people to shudder, and with good reason. Overwhelming debt is a source of immeasurable misery for many. The crushing weight of debt has the power to hold you back in life, and not just financially! Debt has the power to destroy relationships, your health, even your career.
According to NerdWallet's 2015 American Household Credit Card Debt Study, the average U.S household with debt owes $130,922 -- including credit cards, mortgages, auto loans, student loans, and other forms of debt. That is more than twice the average annual salary of a two-income family. What that boils down to is a lot of hard working families struggling to pay their bills. If you are one of the many American’s dealing with the pressure of this kind of insurmountable debt, then now is the time to take the first steps towards relief.
It’s easy to make rash decisions when you are overwhelmed by debt, here are a couple of things “not to do”.
Most importantly, know that it’s ok to ask for help. You don’t have to deal with debt on your own, but if you seek credit counseling make sure you pick an agency accredited by the National Foundation for Credit Counseling or the Financial Counseling Association of America. Make sure you understand the fees and the alternative ways you may have for dealing with debt.
*Employees of LPI Loans and our affiliates are not attorneys and LPI Loans DOES NOT provide any legal advice and users of this web site should consult with their own attorney for legal advice.