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How to Eliminate Debt in 2020

debt consolidation
  • Blog
  • Jill
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  • March 27, 2020

How to Eliminate Debt in 2020

Are you looking for some debt consolidation help? If you are struggling with debt in 2020, you are not alone. Debt is not only a huge stressor, but it can be difficult to get rid of. Fortunately, with great solutions like bankruptcy, you can manage debt in a variety of ways. 

Budget Accordingly

If you fail to track your expenses, you will be unaware of how much you can spend and how much you cannot. One common reason for falling into debt is overspending. If you are looking to rid yourself of debt, you will want to learn to spend more frugally. By budgeting, you can help yourself out of debt. 

By setting up a budget, you will be able to see how much money you spend and what you spend it on. You will be able to notice things that you might not need to spend so much money on. For instance, a budget may show you that you are spending money on a subscription service that you don’t use that much, or that you tend to overspend at restaurants. Eliminating these expenses will give you more money to use for repaying your debts. 

Debt Consolidation vs Bankruptcy 

Debt consolidation is a way of combining high-interest debts (like credit card bills) into one, lower-interest payment. Two of the best ways to consolidate debt involve getting a 0% interest balance transfer credit card or a fixed rate debt consolidation loan. You can transfer all of your debts onto a balance transfer credit card and completely pay back the balance during a promotional period. A fixed-rate consolidation loan will use the money from the loan to pay off your debt. You will then pay back the loan over set terms in installments. 

The problem with debt consolidation is that you are at a high risk of going deeper into debt. A balance transfer card will provide a lot of new credit that could easily be misused. Debt consolidation can also put your home or retirement at risk, as some borrowers take home equity loans or borrow from a 401(k). Additionally, debt consolidation scams that charge high interest or extend very long loan terms are common. 

Compared to debt consolidation, filing for bankruptcy is the most powerful solution to debt. Bankruptcy will not give you the chance to receive more credit, or put your home or retirement at risk. Instead, it will allow you to manage your debt efficiently. 

Bankruptcy eliminates many types of debt, including credit card balances, personal loans, medical bills, and more. Depending on your situation, you may qualify for Chapter 7 or Chapter 13 bankruptcy. Chapter 13 bankruptcy can restructure your debt, while Chapter 7 bankruptcy can discharge unsecured debts. These debts include credit cards, medical bills, and automobile loan deficiencies. While bankruptcy is a great way to regroup and manage debt, it can become confusing. Businesses like Bartifay Law Offices provide services that will help you through the process of bankruptcy

Bankruptcy Aid

Out of all of the solutions for debt, bankruptcy is the best option. If you are struggling with this decision, Bartifay Law Offices offers counsel and representation for those looking to become debt-free. We will examine your unique financial situation and decide if bankruptcy is the best solution. If it is, Bartifay Law Offices will not only help you decide if Chapter 13 or Chapter 7 bankruptcy is for you, but will also help you throughout the entire process. With our help, we can make 2020 the year you become free of debt. To arrange a free consultation, call us at (412) 824-4011.

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