The holiday season may not seem like the opportune time to kick-start your debt resolution efforts. After all, there are gifts to give and receive, trips to make, and fun to be had.
However, freedom from the stress caused by carrying a heavy debt load may just be the best gift you can give yourself this year.
That is just how many indebted Americans view debt resolution. According to a 2019 Country Financial poll, 49% of indebted Americans would choose to have their debts resolved over any other gift.
To fulfill such wishes, however, Santa would have to leave a significant amount of money in stockings all over the country. According to the same poll, this amount would have averaged $58,673 last year. The financial woes that accompanied the global pandemic in 2020 probably mean that the situation is even bleaker this year.
Here's how you can gain debt relief starting with the 2020 holiday season.
Pay Off More Debt
Do not let the holidays interfere with your debt repayment. Embrace frugality and start repaying larger chunks of debt. Aim to put at least 15% of your income toward debt repayment; it will save significant interest and get you out of debt more quickly than you might think.
Use Your Tax Refund Check to Pay Off More Debt
If you're looking forward to a hefty tax refund next year, think about using it to pay down debt rather than splurging on a fancy vacation or a high-dollar item from your wishlist. It may not sound sexy, but carrying less debt or being debt-free is a gift that will keep on giving for years and years.
Increase Your Income
This one is easier said than done, but one way to pay down debt is to look for additional sources of revenue. Explore side gigs. Ask your boss for a raise. Think about pursuing a different career if your current one does not offer you growth opportunities.
Research Your Legal Rights Regarding Old Debts
The Consumer Financial Protection Bureau states: "Under state laws, there are often legal time limits within which a creditor or debt collector must start a lawsuit or the claim may be “barred.” These laws are called “statutes of limitation." If you're sued about a debt and the debt is too old, you may have a defense to the lawsuit."
If your debt is an old one, it may be best to consult an attorney before making arrangements to pay it to be sure you understand exactly what your legal obligations are.
Enroll in a Debt Settlement Program
If your debt problem has spiraled out of control and you feel that you can't manage it on your own, you should know that you are not out of options. Call a ClearOne Certified Debt Specialist today at 866-481-1597 to find out which debt relief options are open for you.
A debt settlement program can provide you much-needed credit card help and reduce the amount you have to repay. Through debt settlement, your creditors may forgive a significant portion of your principal balance, thereby jump-starting your journey to a debt-free life.
If you are looking for credit card help, it makes sense to explore your debt relief options. Get a personalized debt relief plan today.