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Seeking information about how to dig your way out of debt?

If it was easy to find one's way out of debt, far fewer Americans would find themselves struggling with this process. Quite honestly, navigating overwhelming debt can be a frustrating and complex affair. Thankfully, by answering several frequently asked questions, experienced attorneys can generally aid struggling consumers out of financial darkness and on their way to a brighter future.

The first challenge that struggling consumers must overcome is recognizing that there is an objective side and an emotional side to debt. The emotional side houses all the anxiety, stress, frustration and desire that attach to debt. The objective side is simple math. By dealing with these two issues separately, consumers can formulate a plan to get out of debt much more effectively.

When it comes to the basic math, one must assess the very personal ratio of one's debt to income. If the debt is too overwhelming to tackle immediately given one's income, it becomes time to consider various forms of debt management including mortgage modifications, debt consolidation and bankruptcy.

The most important fact a consumer can keep in mind is that failure to deal with mounting debt will only make the situation worse. Sweeping it under the rug and attempting to ignore the debt will only lead to potential legal trouble, more stress, declining credit scores and mounting fees. If you are sure that your debt has become overwhelming or even if you are in doubt, err on the side of caution and speak with an experienced attorney who can help.

Source: WRAL.com, "How to Get Out of Debt. The Real Truth," Steve Rhode, May 7, 2013

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  • NACBA | National Association of Consumer Bankruptcy Attorneys
  • NACA | National Association of Consumer Advocates
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Goldman & Beslow, LLC

Goldman & Beslow, LLC is a Federal Debt Relief Agency by an Act of Congress. We have proudly assisted consumers seeking relief under the U.S. Bankruptcy Code for over 38 years.

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