In our debt settlement practice, we often have clients come in with unopened credit card statements. When we get down to asking about the debts owed, it is not uncommon to hear, “I have no idea how much I owe. I just know it’s a lot.” So we go through them one by one to figure out the total debt. There always seems to be a little shock once we tally it up. And it goes both ways between being shocked that it’s not as much as thought or the panicked look that the balance due is much higher than expected. The following article points out a simple first step to begin managing your debts – Add it up!
There’s no way you can come up with a good plan without first knowing exactly what it is you owe. The article suggests that if you have multiple debts to tackle the cards one at a time to pay them off, while paying the minimum on the remaining cards. That might be a good plan for some, but what about those that can’t even do that? For those that are struggling and can’t take this article’s advice, it’s time to sit down with an attorney experienced in dealing with debt to figure out a way to tackle your debt issue. If you can’t bear to even break the seal on the envelope, just take it in to your attorney and figure it out. It won’t shock us, we’ve pretty much seen it all.