Do It Yourself

No doubt making minimum payments keeps you looking decent on paper and does not hurt your credit score. However, if you are struggling to make ends meet and can afford to pay only the minimum on your accounts, you will end up paying large amounts of interest and even more than you originally owe. A significant portion of your minimum payment goes towards interest or finance charges and it could literally take decades to pay off your loans.

In a world gone online, you have the option to fix everything yourself. Do-it-yourself can be the right solution for you if know how much debt you owe and have the ability to pay more than the scheduled minimum balance due every month. It will also provide you with a black and white scenario of your financial position. If you are having a hard time keeping up with your debts, it is time to seek help.

You can research online for free resources and tools that will help you to calculate how much monthly payment you need to pay each month to save interest and pay off your debts in a stipulated period of time. You can also search for different strategies of how to get out of debt, but they may not be successful for you 


You have another option that is to call up your creditors and convince them that you really have financial problems. You need to collect documents to prove to your creditors that you are really facing financial problems and it would be impossible to repay your debts unless they are willing to grant you some concessions. If you are successful you can then discuss possible options like reduction in interest rates, a time-out period of two or three months or have some or all of your debts converted to repayment programs. You may be required to give up your credit cards, but you would have fixed payments for a fixed period of time, after which, you can be completely free from debt. The good thing is that you will not be burdened with the additional costs of hiring someone to help, but, negotiating with creditors needs expertise and professionalism to achieve the desired results.


Debt resolution may be a better option to suit your financial needs. Feel free to contact OORAA for a structured and customized program to achieve debt resolution.

Which is the best strategy for you? Find out now.