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If you’ve entered into 2009 with massive amounts of Debt on your back, and you desire to get out,  then you’ll want to check out the rest of this post. This time, I’ll share the Top 9 Debt Management Solutions of 2009.

1. Do It Yourself  (DIY) :

Speaking with other Debt Help Professionals I’ve learned that fear is fairly common among Debtors. But fear keeps Consumers in debt. What you don’t know can hurt you. Try making a resolution to start the process of “Do It Yourself Debt Management. You’ll save time, money, and stress as well as enjoy the security of knowing that you can defeat your debt for yourself.

2. Don’t Go It Alone:

Although it is wise to follow the Federal Trade Commissions advice and “do it yourself” don’t go it alone. Try looking for a trusted Debt Management Coach to guide you along a the process of Debt Management. There are honest Debt Management experts out there who can give you the short-cuts, key-terms and step-by-step coaching that can save you time, money and stress.

3. Be Prepared – Never Scared:

Debtors Prisons no longer exist so there is only so much that can happen to you, if you find yourself not able to pay your debt. The key is learning what can and can not happen to you as a result of your debt. If you are concerned about the Legal Liabilities related to your debt don’t hesitate to consult with an Attorney in your state.  With regards to Legal issues surrounding debt, you as a Consumer have your fair share of Rights. But you may also forfeit those rights if you are unaware of them.  Like Girl Scouts of America say, “Proper Planning Prevents Poor Performance”

4. Don’t Give Up Follow-Up:

We all know of a problem that we faced in which the solution did not present itself immediately. But each time we follow-up we get closer to the right answer. Debt Management is exactly like that. If at first you don’t succeed, follow-up. For example, if your request to for lower interest rates or re-finance is denied.

What do you do next? Do you roll over or walk away from your car, home, or responsibility? No. You follow-up, you ask relevant questions, you communicate your side of the story and if needed find a better solution to reduce your debt.

5. Save All Debt Related Documents:

It’s important to open all correspondence from anyone you conduct business with. In the same respect Creditor and Debt Collectors will send you letters requesting payment or sometimes threatening Legal Action if the matter is not resolved. It’s crucial that you save any documents sent to you for future reference.

For example, if you were offered two different Debt Settlement Offers from 2 different companies. By having those documents saved you can easily negotiate the best deal by making the other side compete against themselves. Of course, if you have to go to Court to defend yourself against a Debt Collection Lawyer, you’ll be better armed to do Legal Battle.

6.  Cut All Unnecessary  Spending For 3 Weeks:

Many Consumers are have a need to buy, buy, buy. It started in the 1980’s when the phrase “shop til you drop” was first uttered. Now we have Shopaholics who have to shop (so they think). Addiction Experts  say that any addiction can be broken in 21 days (or 3 weeks). So why not try to cut all unnecessary spending for 3 weeks.

Here’s how it works, every time you want to spend money on anything that isn’t absolutely required for your families survival, take the money that you’d spend on that item / purchase and save it in a jar. After 3 weeks see how much money you’ve saved. You’ll also learn what you really can and can not live without.

7. Tell The Truth About Your Finances To Your Family:

Did you know that half of divorces in the U.S. are caused by Debt Stress. Yep it’s true.  In my experience at the Bankruptcy Prevention Law Firm, clients would enroll in part so that they could have the Attorney Client Privacy Rights, to keep their Dirty Debt Secrets away from their spouse.

I always encourage my clients to tell their Spouse, Children, extended family and friends that they are undergoing a Debt Management Program. By telling the truth about your finances to those close to you the burden of hiding the debt is much lighter. If your Spouse is going to want to divorce you over debt, then you may need marriage counseling. Telling you Children that you are in a Debt Management Program will help them get over the fact you’ve got to cut your spending.

8. Create A Crisis Budget:

One of the biggest blunders Consumers make is not budgeting their money accurately. Many people create a budget like Murphy’s Law does not exist.  For example, when purchasing a new car many buyers don’t factor the re-payment in  (interest and fees) or the cost for Comprehensive (Full)  Coverage.

Those with Credit Card Debt don’t factor in what will happen if their Interest Rates (and minimum payments) skyrocket.

To avoid this debt trap, consider creating a “Crisis Budget”. A Crisis Budget is one that allows you to see what (how much) you’ll pay – worst case scenario. For example, calculate your Credit Card Debt at the highest rate the lender charges. If you can still make your monthly payments (at the higher rates) then feel free to proceed with the loan. Inversely, if you can not afford any interest rate hike (or change in terms) , I’d reconsider the loan.

9. Educate Yourself Organize Your Debt:

The 2008 economy was the worst since the Great Depression. What do you honestly think 2009 will be like? Do you think that with all the pundits like Jim Kramer, Suze Orman, and Dave Ramsey being wrong about the economy that maybe you should not take the advice of those people. I say no. Instead educate yourself about your particular debt situation.

Debt Management relies heavily on organization. This includes organizing your mind, your documents and of your finances. You don’t need a fancy spread-sheet (but it saves hours). At the minimum all you need to get started is a pen, note-book,  calculator and file folder.

You can save time, money, stress, and legal trouble by becoming a DEBT WARRIORS Member. Call us toll free for a Debt Management Consultation: 866-576-4996.