Contrary to popular belief, overwhelming debt is normally the result of a family emergency and unplanned expenses that spin out of control. Most people do not end up with significant debt because of an addiction to shoes, or the like. It can happen to anyone, at any point in time, and causes extreme duress in the life of the individual. In these situations, debt reconciliation is the solution! And, one of the most frequent questions we are asked about debt reconciliation is:
What happens at the end of the Debt Reconciliation process?
Debt reconciliation, or debt elimination, is a method of debt repayment. It is a simple and cost effective way to consolidate multiple debts, remove individual accounts and transition into a stronger financial future. Debt reconciliation is ideal for consumers with income and a realistic budget, who are able to commit to affordable on-time payments.
To start the debt reconciliation process, you must have a solid understanding of your income, expenses and debts. You want to be thorough in this stage because there’s nothing worse than starting the debt program, then losing a stream of income or realizing that a debt account has accidentally been omitted! These types of mistakes will undoubtedly set you back in your program and cost you unnecessary creditor fees/financing charges.
If you have a budget, this will be a very helpful tool for creating your personalized debt plan and determining what type of payment you can afford. If you don’t have a budget, we can help you create one - as long as you have all your income and expenses ready to review!
While debt reconciliation is a great solution for some people, it is not ideal for everyone. If your debt load is small, it may not benefit you to consolidate. However, if your debt payments are too high for you to escape the minimum payment trap a debt program could be just the right solution!
2/2/2022 03:43:30 am
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