Financial burden can take a toll on your overall wellbeing, leading to additional stress and frustration. That’s why it’s necessary to face the problem head-on and tackle it as soon as possible be it credit card debt, student loans, or more. If you’re facing any of the following financial problems, you may benefit from seeking the help of a financial specialist to help combat debt and get you back on your feet.
Out-of-Control Credit Card Debt
Image via Flickr by frankieleon
According to Debt.org, U.S. households average $7,281 in debt from credit cards. The best way to tackle credit card debt is to take immediate action. Most financial advisors will agree that the first step to getting debt from credit cards under control is to stop using the account(s) altogether for some time.
Next, some will advise that you begin by addressing the debt with the highest interest rate, while others claim that paying off a smaller balance may help get you the motivation necessary to reach your goal. To help you decide, find a financial professional that will help assess your situation and advise the best course of action for your particular circumstances.
Buried Under Tax Debt
Owing back taxes can be extremely stressful. Still, it’s important not to let anxiety cloud your judgment. Always make sure you’re well-informed about your options.
The Federal Trade Commission warns against so-called tax relief companies that may do your case more harm than good. Instead, they recommend carefully reading notices coming through the mail and working out a payment plan directly with the agency that issued the notices.
Be wary of scammers trying to trick you into giving them your hard-earned money. The IRS is clear about how they conduct business, and they want you to understand how to identify scammers. They publish warnings on the official IRS website whenever they learn about a new tax scam occurring. They also posted a warning to taxpayers about scammers on YouTube.
If you’ve exhausted all options of resolving the issue directly through the IRS, you may benefit from working with a financial specialist from the IRS taxpayer advocate service.
Struggling With Paying Back Student Loans
If you’re struggling to pay back your student loans, you may be tempted to find an easy way out. Con artists tend to prey on young professionals desperate to avoid defaulting on their student loans.
The Department of Education’s office of Federal Student Aid website informs about the different payment plans available to make repayment more accessible to your needs. As mentioned above, it is best to be well-informed about what your options are when struggling with paying back debt, particularly when it comes to student loans.
Sometimes unforeseen events happen, and you’re left wondering how you’ll ever recover from large debt. If you’re dealing with any of the financial issues mentioned above, it’s always best to seek help rather than to try to sweep problems under the rug. However, make sure you are wise in searching for the financial professional who can help you achieve the best outcome for your situation.
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