To answer that question, you need to know what a debt reduction service is. In short, these services help you reduce the debt you owe. However, that is not the only goal for many services, in fact, many services combine a great deal of resources, to help you not only reduce your debt, but also learn, improve, and keep your life debt free. So in search for the answer to the question in the title, “Do I need a debt reduction service”, you will need to take many things into consideration.
Can I Pay My Bills?
If you can pay all of your bills, on time, each and every month, you likely do not need a debt reduction service. If you still have plenty of money left over for essentials, savings, and even entertainment (yes, we all have to have fun now and then), then no you probably do not need these services. However, if you cannot pay your bills each month or even if you do, you do not have enough left over for the essentials of living, then yes you likely need a debt reduction service.
Can I Pay More Than The Minimum?
This is a very important consideration. If you make enough to pay more than the minimum on your credit cards, loans, and mortgage, then no you can probably say you do not need these services. However, if you find you can only pay the minimum or you struggle even on that, you will definitely need to think about a debt reduction service. Paying the minimum and nothing more each month does nothing for reducing your debt, in fact, in most cases, you debt will stay the same.
Do I Live From One Pay To The Next?
If you live from payday to payday, then yes, you will likely need a debt reduction service. It is impossible to live and reduce your debt, if you find yourself struggling when it comes to the next payday. In other words, when that next paycheck comes in are you breathing a sigh of relief because you were completely broke? This is no way to live, because you are not able to cushion yourself if an emergency arises. An emergency would likely set you back in a big way, financially.
Are Creditors Calling Me Everyday?
Do you get daily calls and letters from creditors or even knocks on the door? Are you even scared to check the mail or answer your phone these days for fear that it is someone telling you that you need to pay them? If so, then yes, you likely want to look into a debt reduction service.
Reduce your debt, improve your credit, improve your life, and finally become debt free by knowing when you might be in need of a debt reduction service.
Michael Louis is always looking for the best ways to manage debt. Did you find this information on Debt Reduction useful? You can learn more debt tips at 123reducedebt.com