Three smart debt relief steps you can take this October

While inflation has steadily decreased over the past year and now interest rates have begun to subside, the economic burdens felt by millions of Americans in recent years still persist. The average American has about a debt $8,000 in credit card debt currently and, in general, the total credit card debt across the country now stands at approximately $1.4 trillion. That’s a lot of money to pay back, and it won’t be paid back overnight.

Fortunately, if you’re one of those borrowers currently stuck with credit card or other high-interest debt, there are options you can pursue to help you dig out. Debt counselors offer varied services debt consolidation loans (where you can consolidate your debts into one loan with a preferably lower interest rate). debt management programs Unpleasant cancellation of credit card debt. However, to position yourself for success, you need to take action quickly. And with the above statistics in mind, October this year could be the time to take action. Below, we’ll discuss three smart debt relief steps we can take now.

First check here which option can offer you the most debt relief.

Three smart debt relief steps you can take this October

While each borrower’s financial situation and overall debt severity are different, there are some generally applicable debt relief measures for the coming month. Here are three:

Check your options

As noted, there are multiple debt relief options to choose from, ranging from moderate relief to more severe relief, such as bankruptcy. Which one is best for you depends on factors such as how much you owe, your current ability to pay, and your payment options credit score.

If you have already stopped paying your debt or are not yet doing so delinquentyou may need more help than if you have large but still manageable debts. So review your options carefully and consider speaking with a debt relief specialist who can better help you determine the most appropriate course of action.

Contact a debt relief professional online today.

Stop waiting

Choosing the right debt relief option for your unique situation is just one step. However, the rest will take time to implement and may take months, if not years, to achieve your goal. Forgiveness of credit card debtFor example, it may take two to four years to settle the debt, and even then your entire debt will not be forgiven (it is usually limited to 30% to 50% of what you owe).

So wait for the perfect lighting option or for interest rates will fall can be detrimental to your financial well-being. Instead, consider trading aggressively once you determine your best option.

Increase your credit score

If you are currently in debt, you may have already damaged your credit score. But if you have the resources to improve it, you should do everything you can to do so. This means securing a copy of your credit report so you can check it for any errors or inaccuracies that could hurt your score. It also means that you refrain from adding to your existing debts and that you pay on time.

Keep in mind that certain debt relief options, such as debt consolidation loans, will only be helpful if you can get a lower rate than what you already have elsewhere. To get that lower rate, become a qualified loan borrower and get started now increase your credit score. It will pay off if you pursue certain debt relief options.

The bottom line

If you’re stuck in debt, consider using the beginning of a new month as a fresh start. However, to truly regain your financial freedom, you must carefully analyze every possible debt relief option now available to determine which one best suits your financial needs. Once you’ve done that, consider acting quickly, as delays will only lead to compound interest on your existing debt. And make sure you do everything you can to boost your credit score in the meantime, both to position yourself for better rates on products like debt consolidation loans, but also as part of the overall process of improving your financial position. By taking these smart debt relief steps this October, you can start reducing your debt and on your way to better long-term economic health.