I am overwhelmed with debt and bills from my divorce. What can I do?
Getting a handle on your bills may seem like just another item on your overwhelming “To Do” list, but this problem is one you can tackle one step at a time.
Life after divorce can be stressful, with trying to adjust to your new life without your ex, and perhaps helping your children adjust as well. Getting a handle on your bills may seem like just another item on your overwhelming “To Do” list. But putting it off can lead to sleepless nights and expensive mistakes.
You have no doubt heard the adage, “How do you eat an elephant — one bite at a time.” This problem is also one you can tackle one bite at a time.
|Step #1 –||
|Step #2 –||
Know What You Owe:
|Step #3 –||
Get the Big Picture:
|Step #4 –||
Get a Game Plan:
Here’s the rule of thumb: If you can make all the minimums plus $50-$100 extra per month without running up new balances, you can likely pay off your debt using an accelerated debt payoff strategy. If you can only make the minimums, you are using cards to pay your living expenses, or you are borrowing from one card to pay another, you need to seek help. Depending on your situation, you may want to talk with a credit counseling agency, debt negotiation firm, or even a bankruptcy attorney.
|Step #5 –||
Stay Positive, But Be Realistic:
Feeling overwhelmed about financial issues after divorce is common. Take things step by step so you can move forward with confidence.
Gerri Detweiler is credit expert for Everyday Wealth, an online service offering a confidential accelerated debt pay off solution that does not hurt your credit. She is also author of The Ultimate Credit Handbook and host of an Internet radio program, EverydayWealth Radio: Your Consumer Advocate.