Taking Control of Your Finances in 2015

For those who have experienced job loss, unexpected medical expenses or other financial setbacks, 2014 may have been a difficult year. Make 2015 better by taking control of your finances and getting a fresh start in managing your bills. For some who are struggling with debt, the following tips may help.

• Look at debt in a “big-picture” way. We often become focused on a particular debt, such as a mortgage, without realize that all debt, at whatever amount and whatever interest rate, is a drain on income. Paying off even a portion of debt puts you in a better financial position.
• Use a gradual approach to pay off bills. Paying off your bills can seem overwhelming, so start with your smallest bill and focus your attention on paying it off as soon as possible. Next, attack your second-smallest bill. You will soon see that you are making progress, especially if you put the money you save back into debt repayment.
• Have an emergency plan. One thing that can quickly stall a debt repayment plan is a sudden emergency. Save some money toward an emergency fund so that you do not have to borrow to meet unexpected expenses.
• Put away the credit cards. The harder it is to use your cards, the easier it will be to avoid running up more debt. Hide them away or, better yet, keep only one card and destroy the rest. Close credit card accounts as they are paid off to avoid the temptation to use them again.
• Be realistic. If you have suffered serious financial setbacks, you may not be able to pay off your bills, even if you want to. In such cases, bankruptcy may be a better option.

If you find that you are simply unable to pay off your bills or even meet your minimum monthly payments, it may be time to consider personal bankruptcy. The attorneys at Oswalt Law Group in Phoenix can help you decide what type of bankruptcy is right for your needs and explain how bankruptcy will benefit you. When you file for Chapter 7 or Chapter 13 bankruptcy protection, you immediately receive protection from creditor harassment and lawsuits. You may also be able to lower your interest rates, remove exorbitant fees or avoid paying some bills altogether. Talk to the attorneys at the Oswalt Law Group about your financial issues and learn more about how bankruptcy may benefit you.