Tuesday, November 9, 2010

Debt and Unemployment

Recently, my husband became unemployed. My head is still in shock but we need to move on. We are looking for ways to lessen our monthly expenses like selling our time share points and possibly a car and refinancing our home mortgage. We are very weary of things like debt consolidation and credit counseling and we will only use them as a last resort. A friend of my husband got scammed by a credit counselor and it only made things worse.

It is because of scams like our friend got lured into that we highly encourage anyone who is looking to consolidate debt to do your research first. Make sure the person offering you credit counseling is registered with the Better Business Bureau or at least a known and reputable entity in the state they claim to be operating in. Use debt consolidation as a last resort and look at ways to cut your expenses first (it is amazing how fast eating out, brand name sodas and premium TV packages can be cut to help you meet a monthly budget).

In hard financial times it is important to look at what can be sacrificed before we can assume our lifestyle can continue as it was before the hard financial times hit. Realizing that sacrifices need to be made and taking the time to make them is the best thing you can do before looking for an easy way out.


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