Monday, July 24, 2017
How The Stars Deal With Debt
Debt is something we all have, and thus is something we all have to find ways to handle. If left unchecked, too much debt can cause problems in your marriage or other relationships, can impact your health, cause you to be less patient with your children, and may even consume so much of your attention that your work product begins to suffer. Any of these things, standing alone, is hard to deal with, but when they arise as the result of having too much debt the weight seems heavier. In order to get out from burdensome debt, you have to be proactive and turn to a professional when needed. This is true for everyone, even the rich and famous.
Here are some of the ways stars deal with the debt, which may work for you as well:
• Develop a budget that fits your finances while still meeting your needs.
• Negotiate for better lending rates or the best price possible when making a purchase.
• Consolidate your debt, so you only have to make one or two payments each month to cover all of your necessary expenses.
• Wait before making a big purchase. Sometimes giving yourself more time to think about buying a new house or car will put things in perspective and help you determine how much you can afford to spend.
• Pay off small balances first, and then put the money you would normally spend on that balance to the next highest balance. Doing this will give you a sense of accomplishment when something reaches a zero balance and help keep you motivated.
• Pay off your credit cards each month so you don’t have to pay the interest.
If you have tried these things, and others, and are still having financial difficulty there are legal remedies you can use as well. The most popular is to file for bankruptcy. And if you think that filing for bankruptcy will reflect negatively on your money management skills or on your spending choices, think again. Even some of the most well-known superstars have filed for bankruptcy. For example; Kim Basinger, MC Hammer, Burt Reynolds, and Larry King are just a few celebrities who have filed bankruptcy to get a hold of their financial situation.
For more information about how to handle overwhelming debt, contact us today at www.law-ri.com. We will help you come up with solutions that work for your family, and have multiple locations where we schedule appointments so you can make a choice that is convenient for you.