If you are having trouble with debt, make sure you read!

I have a friend who called me in tears over her aunt/uncle having to foreclose on their house. Both the aunt/uncle were layed  off from their jobs and they continued to live life freely, without realizing the impact of what their spending was doing. Before when both of them had good jobs, they were readily able to spend money on whatever they wanted. They had the nicest cars..The biggest homes… The most expensive shoes. However, their spending ways did not decrease when they both lost their jobs a little over 7 months ago. As a result, they went into big debt that could not simply be resolved.

The bank ended up taking their house and they were stuck without anything. I know it is not their fault for losing their jobs, but I do blame their spending ways, and my girlfriend agrees! They ended up at rock bottom with severe debt! They were trying every which way to try to get out their debt but nothing was working.

Farmhouse Style Dining Table In A Golden Eagle Log Home Thumb If you are having trouble with debt, make sure you read!

After some research and talk with their friends, they came to find out about debt management plans.  I had not heard about what these plans are so I was intrigued as well. A debt management plan, or DMP, is an informal arrangement with your creditors to repay your debts in a full at a lower rate. Doesn’t this sound great for those in debt?

The way it works is they will remove debts at a rate that you can afford. Even if you hit rock bottom, they will work with you to try to resolve your debt. DMP  will help to  remove the stress by dealing with your creditors. For my friend’s aunt/uncle, they had such severe stress over going into debt that it was making them physically ill. When they found about this plan, they immediately jumped on board and began to actually sleep at night again. The best part is some of the plans do not charge fees. So if you don’t have any money, no need to worry!

I know my friend is not the only one who had a family member who dealt with money issues. In today’s economy, debt is all around us. While we should all take necessary precautions to make sure we don’t fall into debt, please know that there are places that will help.

 

*This is a partnered post.

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Comments

  1. says

    Luckily we do not need this right now. We had to downsize to a super small house because of the economy. Not fun with two growing kids, but we are doing well managing our finances. Thanks for sharing. I will pass it along,

  2. says

    It still amazes me how people fail to save for that rainy day. Even in what were thought “recession proof” industries you see downsizing, failure to fill open positions and freezes on wages. I hope I never have to use a service like this but am thankful they do exist.