{"id":3662,"date":"2021-05-15T11:22:36","date_gmt":"2021-05-15T11:22:36","guid":{"rendered":"https:\/\/phoenixfreshstartbankruptcy.com\/?p=3662"},"modified":"2022-01-19T12:19:15","modified_gmt":"2022-01-19T12:19:15","slug":"8-ways-to-gain-debt-relief-and-financial-security","status":"publish","type":"post","link":"https:\/\/phoenixfreshstartbankruptcy.com\/8-ways-to-gain-debt-relief-and-financial-security\/","title":{"rendered":"8 Ways to Gain Debt Relief and Financial Security"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">This sudden pandemic has put many Americans in financial hardship and money problems. You may have found yourself drowning in debt with your medical bills, student loan debt, mortgage, credit card debt, and car loan debt.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Dealing with debt takes proper budgeting, discipline, time, and the right know-how. In this article, we\u2019ll discuss some easy tips you can follow to give yourself financial freedom from all types of debt. For more debt help, <\/span><a href=\"https:\/\/phoenixfreshstartbankruptcy.com\/\"><span style=\"font-weight: 400;\">consult a Phoenix bankruptcy lawyer<\/span><\/a><span style=\"font-weight: 400;\"> to discuss your options in getting out of debt.\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"8_Ways_to_Ease_your_Debt_Problems\"><\/span><span style=\"font-weight: 400;\">8 Ways to Ease your Debt Problems<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<label for=\"ez-toc-cssicon-toggle-item-662ddc843d434\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-662ddc843d434\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/phoenixfreshstartbankruptcy.com\/8-ways-to-gain-debt-relief-and-financial-security\/#8_Ways_to_Ease_your_Debt_Problems\" title=\"8 Ways to Ease your Debt Problems\">8 Ways to Ease your Debt Problems<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/phoenixfreshstartbankruptcy.com\/8-ways-to-gain-debt-relief-and-financial-security\/#1_Increase_Your_Income\" title=\"1. Increase Your Income\">1. Increase Your Income<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/phoenixfreshstartbankruptcy.com\/8-ways-to-gain-debt-relief-and-financial-security\/#2_Debt_Snowball_Method\" title=\"2. Debt Snowball Method\">2. Debt Snowball Method<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/phoenixfreshstartbankruptcy.com\/8-ways-to-gain-debt-relief-and-financial-security\/#3_Debt_Avalanche_Method\" title=\"3. Debt Avalanche Method\">3. Debt Avalanche Method<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/phoenixfreshstartbankruptcy.com\/8-ways-to-gain-debt-relief-and-financial-security\/#4_Look_into_Credit_Counseling\" title=\"4. Look into Credit Counseling\">4. Look into Credit Counseling<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/phoenixfreshstartbankruptcy.com\/8-ways-to-gain-debt-relief-and-financial-security\/#5_Debt_Settlement\" title=\"5. Debt Settlement\">5. Debt Settlement<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/phoenixfreshstartbankruptcy.com\/8-ways-to-gain-debt-relief-and-financial-security\/#6_Debt_Consolidation\" title=\"6. Debt Consolidation\">6. Debt Consolidation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/phoenixfreshstartbankruptcy.com\/8-ways-to-gain-debt-relief-and-financial-security\/#7_Emergency_Fund\" title=\"7. Emergency Fund\">7. Emergency Fund<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/phoenixfreshstartbankruptcy.com\/8-ways-to-gain-debt-relief-and-financial-security\/#8_File_for_Bankruptcy\" title=\"8. File for Bankruptcy\">8. File for Bankruptcy<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/phoenixfreshstartbankruptcy.com\/8-ways-to-gain-debt-relief-and-financial-security\/#The_Bottom_Line\" title=\"The Bottom Line\">The Bottom Line<\/a><\/li><\/ul><\/nav><\/div>\n\n<h3><span class=\"ez-toc-section\" id=\"1_Increase_Your_Income\"><\/span><span style=\"font-weight: 400;\">1. Increase Your Income<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">This is the most obvious way to pay off debt. <\/span><b>The more you pay towards your debt, the faster you can pay it off<\/b><span style=\"font-weight: 400;\">. In our increasingly digitized world, there are plenty of ways for you to earn income on the side to dedicate to your debt. Become an influencer, sell your preloved clothes online, earn income from playing games.\u00a0<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_Debt_Snowball_Method\"><\/span><span style=\"font-weight: 400;\">2. Debt Snowball Method<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">High-interest rates can make it hard to pay off your debt. If your monthly payment is too small, the interest can increase the time you are in debt.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The debt snowball method is one way to make your debt more manageable. Through this strategy, you<\/span><b> pay as much as you can towards the smallest debt owed<\/b><span style=\"font-weight: 400;\"> while you make only the minimum monthly payments towards the others. Once you\u2019ve paid off the smallest balance, move on to the next. Over time, you\u2019ll notice the progress you\u2019re making, and eventually, you\u2019ll be free of your debt.\u00a0<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_Debt_Avalanche_Method\"><\/span><span style=\"font-weight: 400;\">3. Debt Avalanche Method<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\"><img decoding=\"async\" class=\"alignright wp-image-3664 \" src=\"https:\/\/phoenixfreshstartbankruptcy.com\/wp-content\/uploads\/2021\/05\/Debt-Relief-and-Financial-Security-300x200.jpg\" alt=\"Debt Relief and Financial Security\" width=\"345\" height=\"230\" srcset=\"https:\/\/phoenixfreshstartbankruptcy.com\/wp-content\/uploads\/2021\/05\/Debt-Relief-and-Financial-Security-200x133.jpg 200w, https:\/\/phoenixfreshstartbankruptcy.com\/wp-content\/uploads\/2021\/05\/Debt-Relief-and-Financial-Security-300x200.jpg 300w, https:\/\/phoenixfreshstartbankruptcy.com\/wp-content\/uploads\/2021\/05\/Debt-Relief-and-Financial-Security-400x266.jpg 400w, https:\/\/phoenixfreshstartbankruptcy.com\/wp-content\/uploads\/2021\/05\/Debt-Relief-and-Financial-Security-450x300.jpg 450w, https:\/\/phoenixfreshstartbankruptcy.com\/wp-content\/uploads\/2021\/05\/Debt-Relief-and-Financial-Security-600x400.jpg 600w, https:\/\/phoenixfreshstartbankruptcy.com\/wp-content\/uploads\/2021\/05\/Debt-Relief-and-Financial-Security.jpg 626w\" sizes=\"(max-width: 345px) 100vw, 345px\" \/>If you\u2019re having trouble with debt repayment, look into debt avalanche as an alternative debt solution. With this method, you <\/span><b>make the most payments towards the debt with the highest interest rate<\/b><span style=\"font-weight: 400;\">. After this has been paid off, move on to the next until you\u2019re finally rid of all your debt.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"4_Look_into_Credit_Counseling\"><\/span><span style=\"font-weight: 400;\">4. Look into Credit Counseling<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Credit counseling agencies can guide you on navigating your way to financial freedom. Credit counselors can negotiate with your creditors for you and get you an inexpensive debt management plan. You\u2019ll be sending lump sum payments monthly to the credit counseling agency, which then gives it out to your creditors.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are many ways to find a credit counselor. You can look through the Financial Counseling Association of America or the National Foundation for Credit Counseling. Both deliver credit counseling services through local member agencies.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"5_Debt_Settlement\"><\/span><span style=\"font-weight: 400;\">5. Debt Settlement<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Settlement may be a debt solution <\/span><b>if you owe a lot more than you can repay in a few years or if you have past due accounts<\/b><span style=\"font-weight: 400;\">. Debt settlement means you ask your creditors if you can pay a lump-sum payment to satisfy your debts. This sum is usually lower than your full balance.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Take note that this settlement will pull down your credit score. Before going to a debt settlement company, talk to our reputable <a href=\"https:\/\/phoenixfreshstartbankruptcy.com\/best-phoenix-bankruptcy-attorneys\/phoenix-bankruptcy-attorneys\/\">Phoenix bankruptcy attorneys<\/a> to find debt solutions with you.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"6_Debt_Consolidation\"><\/span><span style=\"font-weight: 400;\">6. Debt Consolidation<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Debt consolidation is another way to pay back your debtors and become debt-free. Consolidating your debt means you<\/span><b> combine multiple debts into one larger debt<\/b><span style=\"font-weight: 400;\">. You can look into debt consolidation companies that offer more favorable terms for you, such as a lower monthly payment or lower interest rates.\u00a0<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"7_Emergency_Fund\"><\/span><span style=\"font-weight: 400;\">7. Emergency Fund<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">It may seem counterintuitive to put money somewhere when you need to get out of debt. What these savings do is <\/span><b>give you some protection for emergencies<\/b><span style=\"font-weight: 400;\">. Instead of resorting to your credit cards, you have a pool of money you can use for unexpected expenses.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ideally, your emergency fund has enough money for 6-12 months of expenses. However, any savings is better than having none at all. Put in any amount of money you can.\u00a0<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"8_File_for_Bankruptcy\"><\/span><span style=\"font-weight: 400;\">8. <a href=\"https:\/\/phoenixfreshstartbankruptcy.com\/best-phoenix-bankruptcy-attorneys\/how-to-file-bankruptcy-in-arizona\/\">File for Bankruptcy<\/a><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><b>Bankruptcy protection is one of the surest ways to gain debt forgiveness.<\/b><span style=\"font-weight: 400;\"> Many try to avoid bankruptcy because of the negative stigma surrounding one. But bankruptcy provides both short-term relief and long-term debt-free life. Upon filing, the court orders an automatic stay. This means that no debt collector, collection agency, or lawyer can sue you for your debt or make any other collective effort. After bankruptcy, you can discharge your debt, making it so you don\u2019t have to pay them off anymore!<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_Bottom_Line\"><\/span><span style=\"font-weight: 400;\">The Bottom Line<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><b>Everyone\u2019s situation is different<\/b><span style=\"font-weight: 400;\">. All these solutions &#8211; debt consolidation loan, debt management plans, debt negotiation, and settlement &#8211; can help, but <\/span><b>it must be so confusing deciding which option is best for you!<\/b><span style=\"font-weight: 400;\"> If you\u2019re overwhelmed and struggling with debt, get in touch with Phoenix Fresh Start Bankruptcy attorneys! We are a debt relief agency helping people get out of debt, including, where appropriate, filing petitions for relief in <a href=\"https:\/\/www.uscourts.gov\/federal-court-finder\/location\/440\" target=\"_blank\" rel=\"noopener\">Arizona bankruptcy courts<\/a>.<\/span><\/p>\n<p><a href=\"https:\/\/phoenixfreshstartbankruptcy.com\/contact\/\"><span style=\"font-weight: 400;\">Call our office today <\/span><\/a><span style=\"font-weight: 400;\"> to get in touch with a skilled Phoenix bankruptcy attorney and discuss the best option for you!<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This sudden pandemic has put many Americans in financial hardship and money problems. You may have found yourself drowning in debt with your medical bills, student loan debt, mortgage, credit card debt, and car loan debt.\u00a0 Dealing with debt takes proper budgeting, discipline, time, and the right know-how. In this article, we\u2019ll discuss some easy tips you can follow to give yourself financial freedom from all types of debt. For more debt help, consult a Phoenix bankruptcy lawyer to discuss [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3665,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/phoenixfreshstartbankruptcy.com\/wp-json\/wp\/v2\/posts\/3662"}],"collection":[{"href":"https:\/\/phoenixfreshstartbankruptcy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/phoenixfreshstartbankruptcy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/phoenixfreshstartbankruptcy.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/phoenixfreshstartbankruptcy.com\/wp-json\/wp\/v2\/comments?post=3662"}],"version-history":[{"count":1,"href":"https:\/\/phoenixfreshstartbankruptcy.com\/wp-json\/wp\/v2\/posts\/3662\/revisions"}],"predecessor-version":[{"id":3911,"href":"https:\/\/phoenixfreshstartbankruptcy.com\/wp-json\/wp\/v2\/posts\/3662\/revisions\/3911"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/phoenixfreshstartbankruptcy.com\/wp-json\/wp\/v2\/media\/3665"}],"wp:attachment":[{"href":"https:\/\/phoenixfreshstartbankruptcy.com\/wp-json\/wp\/v2\/media?parent=3662"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/phoenixfreshstartbankruptcy.com\/wp-json\/wp\/v2\/categories?post=3662"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/phoenixfreshstartbankruptcy.com\/wp-json\/wp\/v2\/tags?post=3662"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}