When it comes to managing debt, there’s certainly no shortage of advice and methods out there. It seems everyone has their own “tips” or “hacks” they swear will solve all your financial problems.
And while most advice is usually well-intentioned, the reality is that, when it comes to debt advice, not all of it is good or should be followed.
If you’re currently struggling with outstanding debt and need advice on how to successfully begin your journey to financial freedom, we’re here to help! We’ll go over some of the common scenarios where bad debt advice is often applied and provide alternative approaches to consider instead.
“Don’t Spend Excess Money”
One of the most common pieces of advice people receive when trying to get out of debt is “don’t spend excess money.” At first, this may seem like a reasonable statement, especially for those trying to save money. Still, the truth of the matter is it’s not always that simple.
Suppose you’re among the 78% of Americans living paycheck to paycheck, meaning you don’t have extra funds left over after monthly expenses are paid out. In cases like those, the ability to successfully pay off debt isn’t usually linked to spending habits.
When you’re barely making ends meet, it can be incredibly frustrating to be told not to spend “excess money.” This advice feels even more distressing when experiencing a higher debt to income ratio, meaning you have more money going out every month than coming in.
In this situation, it can feel impossible to catch up to debt owed. A better alternative to consider is debt consolidation. Whether through a loan or a debt relief program like ACCS, the process of debt consolidation is simple. Through debt consolidation, you are given the opportunity to take all of your current debt payments and consolidate—or combine—them into one single affordable monthly payment that fits within your current budget.
“You Don’t Need Professional Help”
Dealing with large amounts of debt is never easy, and being advised that “you don’t need professional help” to manage it could seriously delay your ability to move forward.
If your debt is causing you financial hardship and continuous stress, then reaching out to a professional for guidance may be exactly what you need.
Trusted debt relief companies can be excellent resources for developing a realistic plan for achieving your financial goals. Their qualified debt specialists have years of experience helping people struggling to pay off large amounts of accumulated debt. At ACCS, you can take advantage of our Custom Debt Plan at no cost or obligation so you can get a clear picture of your financial situation and receive a tailored debt relief plan that’s right for you.
“You Can Settle Debt With Creditors Yourself”
Trying to settle debt and deal with creditors on your own is a massive undertaking for just about anyone. Despite all the challenges, we’re often advised that “you can still manage it yourself.” And while there are individuals who feel comfortable and confident in negotiating with creditors, many of us aren’t.
If hearing your phone ring creates an instant state of panic, it may be time to let someone else answer those creditor calls. When you decide to work with a debt settlement company like ACCS, you’ll feel fast relief as that company becomes the point of contact for your creditors.
Their experienced debt professionals will be your advocates, speaking and negotiating lower payments on your behalf. You’ll be able to stop panicking and have peace of mind knowing your finances are being handled by a trusted partner.
At ACCS, we know there’s a lot of bad debt advice out there that can keep people in debt longer—and cost them more money in the long run. Cut through the bad advice and get the truth of what works best for your financial situation by requesting your Custom Debt Relief Plan with an ACCS debt specialist today!