Okay, time to rip the band-aid off a very uncomfortable topic: DEBT.
Ever had this feeling?
You go to the mailbox and quickly sift through the contents. Behind a pile of junk mail, you see that monthly credit card statement from your credit card company and immediately experience heart palpitations. Whew!
Trust me, I know the feeling. At one point, I had $300,000 in debt and student loans (more on that in this video).
I sure wish I had known about the good folks over at debt.com for smart, free guidance on my credit card/student loan mess.
To keep it simple, debt is when you owe money to another person (agency, organization… etc.)
Debt is tricky…
On one hand, taking on debt is necessary (for those of us non-Rockefellers) when it’s time to buy a home… to pay for education… or when purchasing a vehicle. On the other hand, the weight and pressure of owing someone is oh… so... unpleasant.
Especially when it’s something like credit card debt... and you get to thinking about all the things you shouldn’t have swiped your card for in the first place.
Yup, debt and stress go hand-in-hand. According to an American Psychological Association study, 72% of Americans said they felt stressed about money. Twenty-two percent of the participants noted “extreme stress.”
Remember those heart palpitations? You aren’t alone.
Debt 411
Speaking of not being alone… you also aren’t the only one who may owe “dem people”.
According to the New York Federal Reserve, consumer debt was approaching $14-trillion after the second quarter of 2019. (And that’s pre-Rona!)
There are several types of consumer debt in the United States, including: home, auto, student, and credit card.
And, with credit cards -the average holder has at least four cards… with up to 40% of us unable to pay more than the minimum on them. Yikes!
Why the freak-out?
FUN FACT: Credit card debt is one of the most expensive types of debt because it has higher interest rates than most other debt.
The Federal Reserve reported (February 2020) that the average interest rate on credit cards ranged from a scary 16.61%, all the way up to a frightening 30%.
This means that you end up paying MUCH more than you borrowed, which puts you in even more debt. *can’t win*
It’s sneaky too.
People easily fall into credit card debt because they have the opportunity to open numerous credit card accounts with varying terms and credit limits.
Problems really start to somersault when credit card balances creep up to where you can’t afford to pay them off each month...
And, there’s still even more NOT to love about credit card debt because it can also negatively affect your credit score.
Credit reporting agencies pay LOTS of attention to how much of your credit limit you’re using for each card (called credit utilization). High credit card debt can tank your credit score… quickly.
I hope this doesn’t have you over there thinking: “So basically, I should give up…”
No way!
Not when I have a friend (who has some friends) who can help with all kinds of debt (including credit cards)!
Dun. Dun. Dun. Dunnnnn….. Enter debt.com.
Who is Debt.com?
Debt.com is an awesome-sauce group of financial experts and certified credit counselors who, since 2013, have given 100% free guidance to over half a million folks on the resolution of more than $850 million in debt.
Yes, you may be a little bit late to the party!
They work directly with you to connect you with great companies who can help with all the high-stress money issues like:
- Credit card debt
- Credit repair
- Tax debt
- Student loan debt
Getting a little f-r-e-e help with a gameplan is a Budgetnista-approved way to get going on the road to debt-freedom...
How Does Debt.com Work?
Debt.com has two main services that I’m ALL about: financial education and financial solutions.
Financial education
The only way to get out of debt and stay out of debt is to understand it.
Debt.com hooks you up with free, expert financial advice by way of videos, blogs, and articles. Their database is jam-packed with essentials to understanding money in a way that is easy and entertaining.
Remind you of anyone? Me! See why me and debt.com are finance friends?
SERIOUS NOTE: When I looked for resources to share on credit card debt, I wanted to make sure to give you a tool to -help with the issue at hand- AND educate. I fell in love with the debt.com model because, yup… they do both!
Financial solutions
Now, here is where they take things up a notch! Besides their free financial education tools, debt.com matches people needing help with debt… with accredited companies they know can help.
This one-stop-shop makes it quick, simple and safe to figure out what to do next. Hashtag… no scammers!
>>How to Get your FREE Debt Assessment<<
- Call debt.com to speak with a certified debt expert about credit cards, taxes, or student loans at (844)-494-6858.
- Tell them what’s wrong by answering a few key questions.
- Grab your free assessment on who you can connect with to start your get-out-of-debt roadmap.
*Example: If credit cards are giving you a major headache, they may connect you with someone who can help with: credit counseling services, interest rate negotiation, debt consolidation, debt settlement, or even bankruptcy procedures.
Easy peasy!
So, here's my challenge to you if you are feeling some kind of way about your credit/student loan/ tax debt...
Take 5-10 minutes to call one of the debt fairies over at debt.com to chat with someone who can jumpstart you on the road to debt freedom.
WE got your back.
Sooo.... On your mark. Get set. CALL! (844)-494-6858
*Need a little more supportive nudging?
Use this super handy debt calculator to get the real numbers on what it's really going to cost you paying only the minimums on your debt...
My Lisa Rule: I have 4 sisters and Lisa is the baby (well she’s not a baby anymore). Of all of my sisters, I’m the most protective of her. Before I share any product or service with you, it must pass my Lisa Rule.
What’s the Lisa Rule? If I would not advise Lisa to use a product or service, I won’t advise you to. YOU are my Lisa. I feel protective of you and your financial journey.
Debt.com passes my Lisa Rule. Yes, I am an affiliate of Debt.com, and I earn a commission off of referrals, but I would not recommend a product or service that I didn’t believe was helpful and useful. As a matter of fact, I'm having both Lisa and one of my besties sign-up for this awesome tool this week.