Smart Ways to Tackle Your Debt [Infographic]

Are you struggling with debt and can’t figure out how to settle it? Before you start thinking about pulling a last resort, there’s still time for a coup de grâce. If you or a group of people, a business or corporation, really any type of entity or organization is in a financial crisis, then the infographic below can help get you moving in the right direction. Take a look at the different stages of debt and the solutions you have at your disposal.

Each struggle has a game plan mapped out with choices to make and options to take. Ranging from those of you that have great credit scores, and stay on top of your bills, and make all your payments on time—to those of you that have nothing left to lose, there is a solution. Sometimes the solution may be as easy as talking to your lender about changing the interest rates, or taking out a consolidation loan to pay off your debts. The worst case scenario is bankruptcy, but hopefully there’s still time to change your game.

Before things get bad and you find yourself buried in debt, take the time to find a credit counselor and work out a financial plan. There are plenty of agencies out there; one of the most well-known in the business is Consolidated Credit. They have plenty of services to help you get the ball rolling on credit and debt so you don’t have such an uphill climb into battle. Give them a call today!

tackling debt infographic


Comments

    • DC @ Young Adult Money

      DC @ Young Adult Money 09/27/2013 5:23 a.m. #

      There's some good tips but I also would add getting a second job, or just a part-time job to pad your income can really help with paying down debt and getting your finances in order.

      • Sicorra

        Sicorra 09/27/2013 1:10 p.m. #

        That is a great point for people that live an area where that is easy to do, and they have the skills to work.

    • Corina Ramos

      Corina Ramos 09/27/2013 8:23 a.m. #

      That's a cool infographic. I think I relate to #3 most of all. I'm still in the match but struggling a little. :)

      We've never refinanced this house or taken any equity out and to tell you the truth I'm confused about equity which is why I don't touch it. It just sounds like another loan I'd have to pay back so no thanks :).

      Thanks for sharing this Sicorra. Happy Friday!

      • Sicorra

        Sicorra 09/27/2013 1:14 p.m. #

        Thanks Corina! I know what you mean about still struggling, as are we.

        Refinancing your mortgage for a lower interest rate is very beneficial. Equity is the difference between what you owe on your mortgage and what your property would sell for today.

        Have a good weekend :-)

    • krantcents

      krantcents 09/27/2013 5:23 p.m. #

      Good points! I would add that before taking out debt, you should spend time thinking how to avoid it.

    • Christy Garrett @ Uplifting Famiilies

      Christy Garrett @ Uplifting Famiilies 09/28/2013 3:18 p.m. #

      I loved the infographic, thank you for sharing.

    • Arelis Cintron

      Arelis Cintron 09/30/2013 9:53 a.m. #

      I am thankful to be in the first scenario. I have done items 2 and 3 but would like to speed things along before I get married. I have heard about lendingclub but I wonder if its as easy as it says.

    • Karla Twomey

      Karla Twomey 10/08/2013 3:47 p.m. #

      Great post! Love the infographic. Thank you :)
      Karla Twomey
      Kids and Money: Teenagers Guide to Becoming a Millionaire
      http://nomorecreditcards.com/?p=3196

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