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US debt growing

Debt matters when you’re bringing home the bacon because now it’s time to figure out where to put your money!

The first thing you should know is that you’re not alone! Many people aren’t sure where to turn when facing unruly amounts of debt or trouble managing their debt. To make matters worse, there’s no shortage of scams out there making claims that they can do things for you that, they may not be able to do.

Americans are facing larger amounts of debt, in part because of lengthened life spans. These days Americans need credit for pretty much everything from buying groceries, getting a credit card, buying a car or refinancing a mortgage.

The average consumer debt per household in 2018 is right around $20,000, while the average credit card consumer debt per household in North Carolina is $7,225.

If you feel as if you need some additional support to help manage your debt and organize your finances, credit counseling could be a good option for you. The objective is to be able to get on track and stay on track. There are a few ways to achieve that goal. Credit counseling services provides various resources to help solve your money problems and is a review of your household budget, credit reports, and consumer debt with the goal of improving your financial situation. From starting a budget to educational programs on money management, counselors discuss your entire financial situation and help you develop a personalized plan.

“Knowing what to fix and how to fix it”

Knowing what to fix and how to fix it is all apart of the solution that you’ll need when it comes to your credit and debt. Having the right info and direction is what makes your life easier.

Credit counseling can help consumers navigate a wide array of situations and can provide services such as credit and debt counseling, student loan debt counseling, housing and mortgage counseling, and debt management plans. Consolidation may also be an option and that means your various debts, such as credit card bills and loan payments, are rolled into one monthly payment.  If you have multiple credit card accounts or loans, debt consolidation through credit counseling can help simply or lower your payments.

If the situation is dire enough, it may be necessary to file for bankruptcy. Knowing when and how to file for bankruptcy is incredibly important along with knowing whether a Chapter 13 or a Chapter 7 is the best option for you. A Chapter 13 allows people with a steady income to keep property, like a mortgaged house or a car, that they might otherwise lose in the bankruptcy process. And a Chapter 7 is known as straight bankruptcy which involves liquidating all assets that are not exempt.

Before choosing to consolidate or file for bankruptcy, you want to make sure that you meet with Rukosky and Associates for a FREE credit counseling appointment to evaluate your financial situation properly and effectively by clicking here.

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