Last Updated on Mar 27, 2020 by James W
What do kids have bad dreams about? Usually, it’s ghosts or ghouls, perhaps the monster underneath the bed. What are the nightmares adults have about? As an adult, you may have had a familiar nightmare where you’ve missed a deadline. Perhaps you dreamt that you slept right through work or maybe you weren’t able to pay your bills on time. But for some people that’s not a nightmare. It’s their life. There are people all over the country struggling with debt and how to deal with it. If you’re one of them, we’ve got the solutions that you need. Are you ready to start fighting back?
First of all, it’s important to realise that there are different types of debt. You might not be able to pay your taxes, or you may have massive overdue bills on your credit cards. Similarly, there are different reasons why you might be in debt. You could have lost your job or you could have invested poorly. That said, we think these solutions will help no matter what your situation.
Tax Troubles
If you’re struggling to pay your taxes and you’ve been getting scary letters from the IRS, it’s time to seek professional help. Enrolled agents are the solution that we suggest. These are licensed professionals who will work to help you deal with your tax troubles. They’ll help you get out of debt by coming up with a payment plan that you will be able to keep to. If you’re in debt with taxes, it’s not that hard to get back on your feet. It’s a lot better to owe money to the government rather than a private company.
Debt To Private Loan Companies
Private loan companies can cause your debt to be a lot worse. The reason for this is that you might have borrowed from a business that has a huge interest rate on their loans. What this means is that you may not have borrowed a lot at first. But, your debt has grown to a phenomenal amount. This is easy to do without realising it when the interest was something like four hundred percent.
The easiest and best way to deal with this type of debt is to borrow money. This logic sounds counterproductive, but it makes sense. You need to borrow from a company charging a smaller interest rate. This won’t solve your debt but it will stop it growing. Once you’re dealing with a smaller rate of interest you can start paying off the debt.
Use Your Assets
To pay off a debt we recommend that you use the assets that you own. This might be your house or your car. If you’re in a serious level of debt we suggest you consider selling your house off and downsizing. That might mean you’ll have to move in with friends or family while you start over. But, you will find your debt is mostly cleared. If your debt isn’t too serious you might get by, renting out your car or renting a room in your home. You only need to do this until your situation stabilizes.
We hope you find this advice useful. Remember debt is a nightmare we all fear but with these tips, you can wake up.
