Debt Free Destiny

If you have no other choice than to enter debt counseling for the purpose of repaying your creditors, then you have some decisions to make on what to include in the process.

Here is how to go about this and what you will need to include:

Assess first.  You must list all of your unsecured debts so that you can see how much debt that you have overall.  Get the dollar amount on the table so that you know where you stand.  List each creditor and the amount you owe.

Pay off small debts.  Now prioritize your debts from smallest to largest.  Take a look at the smallest ones and see how many of those there are that you can pay off right away.  This will reduce your total indebtedness and help your credit history by showing them as “paid” accounts.

Even if you have to take a ‘hit’ on your credit score, this is worthwhile because the small drop in your score will only be temporary as you begin to rebuild your credit by using responsible activities in getting yourself out of debt.

High-balance credit cards.  Now, look at the rest of your balances and total the remaining amount.  Decide if there are any other accounts that you can pay off in the next few months before you begin your debt counseling program.

The way that this makes sense is that you will avoid dragging unnecessary amounts out for the next few years by making payments to eliminate these debts.

High-balance unsecured loans.  Include any unsecured personal loans in your debt consolidation plans.

Once you have your plan in place with the debt consolidation company, make sure that you adhere to your payment schedule without fail so that you achieve the results of getting out of debt.  If you fall behind and miss payments, that will hurt not only your efforts to get out of debt, but it also shows up on your credit history which further injures your score.

Communicate fully and completely with your debt consolidation company.  Tell them where you are in the paying of your debts is concerned.

Finally, make sure that you follow up on your debt consolidation company and make sure that they are making the payments when required.  This is important because it is your credit that is on the line and by placing the payments into their hands, you have handed over significant power to help or hurt your financial standing.

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