When it comes to your overwhelming debt, you may simply want to bury your head and wish it away. Unfortunately, this tactic will probably only make matters worse instead of helping you manage your financial affairs. In some cases, you may feel even more anxious and stressed because you do not fully understand the extent of your debt issues.
If you want to get a handle on your financial problems, having information on the reality of your financial affairs and how you can work to address them may be immensely useful. In some cases, just having a better understanding of your assets and liabilities can make matters seem more manageable. Even if the information only reinforces the fact that you cannot handle your debt alone, you now know that finding help is the right step.
What should you look into?
One of the first steps you may want to take is to do a full assessment of your debts. This type of inventory can seem overwhelming, but once you have the facts, you may have a better chance of finding the most appropriate way to get back on track. When doing your assessment, you can list your creditors, the amount you owe, the monthly payment and the due dates for those bills. Some of the information may surprise you, such as a lower balance than expected for a creditor.
If you think you can tackle some of your bills, creating a calendar with the due dates, when you plan to pay and how much you intend to pay (such as just the minimum payment or more) could help you get organized. It is important to remember to pay bills on time and make at least the minimum payment. However, while the minimum can help keep balances from growing substantially, it will likely not help you overcome already high debt balances.
What if you cannot make the minimum?
If you have reached a financial point at which you cannot make even minimum payments and have no savings or emergency funds to fall back on, you likely need to take drastic steps to address your money concerns. Fortunately, options for such action are available. You may find it beneficial to gain information on bankruptcy and determine whether it could suit your circumstances. Understandably, you may not know whether bankruptcy is right for you, but speaking with an experienced Florida attorney may allow you to obtain needed insight and advice.