Get Out Of Debt Help Advice

When you are having money problems, not only does your credit suffer so does your peace of mind. I know. I got out of debt twice and stupidly got myself back in it. This caused a lot of tension in my home, especially with me and my husband. The worst part is when you get out of debt and get back in it, it's usually worst than before.

Having too much debt can cause undue stress and it's important to get it under control at the first sign of trouble.

Here's what NOT to do to get out of debt:

• Don't close your credit accounts. By all means cut up the cards but don't close the accounts or transfer the debt into one account. This will negatively affect your credit rating and score.
• Don't use home equity to pay off debt. You are putting your home at risk and you need to live somewhere while you are getting out of debt and even after you are out of debt.
  

Here is the number one option I recommend to help you get out of debt if you don't see any other way out and you can't make ends meet (been here done it and now my credit score is in the mid 700s):

• Consult a Credit counseling Agency. In many cases, they will set you up on a debt management plan and they can help get your creditors to lower your interest rates or payments. On top of that, you will only have to make one monthly payment that will be distributed amongst all of your creditors.

A word of caution: Before entering an agreement with any credit counseling agency, make sure they are members of the Association of Independent Consumer Credit Counseling Agencies (AICCCA) or the National Foundation of Credit Counseling (NFCC). These two organizations regulate and monitor these credit counseling agencies to make sure they operate legally and are not taking advantage of those who are in debt looking for help.
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Michelle Howard Smith is President of Reviyve LLC, a distributor of stress and alternative pain relief products. Subscribe to the Stress Less Newsletter to receive stress management tips, alternative health info and exclusive offers for subscribers only.