Is Debt Consolidation a Good Idea?Do you feel like you're drowning in crippling debt? Trust your instincts. The national average credit card debt per household is $5,700. About 41.2% of households carry a balance on credit cards from month to month. Our reliance on plastic and other forms of credit makes life difficult for families struggling to make ends meet. Even if you're still in shallow water, a personal debt assessment may be just the financial life preserver you need to keep your debt from spiraling out of control. |
How Do You Know If You Need a Debt Assessment?
The best way to answer this is by asking yourself whether you need debt management and debt consolidation immediately:
- Do you frequently pay bills late?
- Do you pay only the minimum due on your credit cards?
- Do you use credit for necessities like groceries?
Have you ever used one credit card to pay off another? - Do you find yourself paying off holiday debt for several months or years?
- Have you been contacted by creditors?
- Do you use high-cost loans such as payday loans as "quick money" for desperate circumstances?
If you answered "yes" to any of these questions, you may benefit from a personal debt assessment from Oklahoma Central Credit Union. We can help you plan a strategy for getting out—and staying out—of debt, develop a sensible spending plan, and communicate effectively with creditors. And, if you don't know which debts to pay off first, we can help you figure that out, too. We can also help you with creating a debt to income ratio worksheet so you’ll know how to get out of debt without filing bankruptcy.
Call us today at 918-664-6000. A personal debt assessment may be just the financial life preserver you need to keep your debt from spiraling out of control.
