Years of tuition and books, price inflation and never-ending bills catch up to the best of us. Every day, millions of people find themselves immersed in more and more debt. In fact, according to a household study completed by NerdWallet, 2017 saw the highest amounts of debt to date, with U.S. consumers totaling more than $900 billion in credit card debt and more than $1 trillion in student loan debt.
Figuring out your future when the financial game seems stacked against you can be equal parts difficult and stressful, but, with some experienced assistance from debt help companies like Liberty Debt Relief, you can join the other millions of people who have successfully erased their debts within a few years. We know that there is no one-size-fits-all when it comes to debt solutions, and we are here to help you come up with the financial plan that gets you out of debt and keeps you out of debt for as long as possible.
A Financial Epi-debt-mic
Before tackling your financial hardships, it is important to know that you are not the only person looking to debt help companies for assistance. Many people in the United States are in debt and struggle to pay off their credit cards, mortgages, car payments and student loans. And while there are many types of debt that people have attached to their financial portfolios, the most common debt across generations is related to credit cards. With high interest rates and the option to make minimum payments, millions of people are opting to simply ‘get by’ and rack up thousands of dollars in excessive fees.
Recent reports have found that income has not maintained an equilibrium with the rising costs of living. Via a study done by the Kaiser Family Foundation, medical expenses and the cost of food have increased by 34 percent and 22 percent, respectively, in the last decade, while the average income for U.S. consumers has yet to go above 20 percent, making it nearly impossible for people to go above and beyond in their fiscal responsibilities.
Identifying the Problem
The first thing debt help companies, including Liberty Debt Relief, will want to know during your first meeting is how you ended up in so much debt in the first place. Understanding how you joined the demographic of those experiencing financial hardship is crucial to pinpointing a custom solution. The best way to figure out how you ended up in your financial situation is to take a look at your spending habits. For most U.S. consumers, their debt can be traced back to medical expenses, unemployment, higher education, unforeseen emergencies, divorce, and even combatting a gambling addiction.
While the debt rate for all of these categories is at a historical high, the two most prominent issues are that of medical expenses and higher education, according to that same study by the Kaiser Family Foundation mentioned earlier. The cost to attend college is at an all-time high and, despite this increase, people are earning the same amount after graduation as they did years ago. This correlation has put millions of students in high debts that they simply cannot afford to pay back in a short amount of time.
Of course, it does not help that health care rates have also increased, making it virtually impossible for people, especially young adults, to get ahead of the financial game. The lack of funds in these specific situations leads to people spending more than they can afford, and consumers will even open new lines of credit to help alleviate the pressure from older accounts, which only speeds up the downward spiral.
Coming Up with the Right Solution
There is no single solution that works for every consumer who is in debt. Every situation is unique, and debt help companies should treat them as such. When you meet with Liberty Debt Relief, you will learn about the various ways that you can get out of debt, including debt consolidation, debt settlement, and other relief strategies to make a specific plan to relieve your financial burden as soon as possible.
There is no reason why you have to be one of the millions of people in the U.S. suffering from excessive debt. There are dozens of debt help companies available and numerous options to settle your financial situation in just a few short years. Some of those choices can be difficult to make, but the easiest one is working with Liberty Debt Relief. Get the financial help you need, and start working toward a better financial future today.
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