Sometimes it can be very troublesome to your mental health during a financial crisis like debt. Innately, we all tend to look at the others around us to see how we are doing financially. This has many bad effects but it also can prevent you from reaching for help when you need it the most.
It’s not always dependent on how much you or your neighbor makes. Whether you bring home $100,000 or $50,000 it is possible to find yourself living paycheck to paycheck because of a series of events.
We are here to help, we want to help identify three signs that debt is taking too much of your mental health and ways you can prevent it.
What Are 3 Signs It’s Time To Get Out of Credit Card Debt
Regardless of your paycheck, there are certain signs to keep in mind if you find yourself approaching or in the middle of a personal financial crisis.
1. If you have to decide which bills to pay and which bills not to pay each month.
If you find yourself not being able to pay all of your bills or trying to map out a plan so that you can pay them over time, your brain space is being taken up by debt.
2. If you have to call your creditors to change your payment date each month.
Although at first, it may feel like you are making the best decision by reaching out to your creditors and figuring out how to change your payment date, it’s a telling sign that it may be time to find help. It can be hard and difficult for your self-confidence when you feel like you have to rely on others for help, but sometimes it’s necessary.
3. If you have under $200 in the bank account each month after bills are paid.
Let’s say you are paying all of your bills on time and you feel like you have it all figured out, yes you may be financially on the green side, but only allowing yourself $200 after paying your bills will bring you to the red. Regardless if you have a family or you live alone, giving yourself the breathing room of $200 each month is a sign to reach out for help.
How to Get Rid of Credit Card Debt
Let’s now focus on the 5 free tools that can help you get out of credit card debt today. We want to help you in any way possible, so here are some of the most effective ways to get rid of debt forever.
So, there are 5 free tools below, but which one is best for you. The following question will uncover which of the following free tools you may want to choose.
I Can Afford The Debt
Here are the free tools you should check out if you can afford the debt, and still want to get rid of all the debt.
1. Savvy Debt Payoff Planner
The Savvy Debt Payoff Planner app assists you to pay off all of your debt in one place. Savvy allows the users to get and stay out of debt through a distinctive plan. It will automatically calculate and plan the smartest way for you to make your monthly payments and stay on top of your debt.
- Savvy allows you to automatically pull all of your accounts into one place
- The app has a page for you to view all of your transactions by month to help create a budget.
- Savvy will provide monthly recommendations on how you can eliminate your debt smarter and faster.
Savvy is available in the Google Play Store and the App Store for download so that you can start your debt payoff plan today.
2. Savology Free Financial Planning
If you are anything like me, you may be wondering how can you afford a financial plan if your debt is already unmanageable. Enter Savology.
Savology is a great option if you are still uncertain about what your financial plan could look like. Figuring out what the best personal financial plan looks like can be the hardest part when trying to eliminate debt.
The financial plan only takes about 5 minutes to create and it starts adding value right away. Savology provides grades on how you are performing and specific details on how to improve the grade. Savology also answers important questions as How to calculate savings rate and Retirement savings by age.
And best of all? Savology is 100% free.
I Am Not Sure If I Can Afford the Debt
Let’s now cover the best tool there is if you are unsure whether you can afford the debt.
3. Ascend’s Free Debt Freedom Platform
It’s difficult when you are unsure whether you can afford the debt or not. Enter the Debt Freedom Portal. This portal will allow you to do a feasibility analysis where you can determine whether you can afford the debt each month by entering all of your monthly income and expenses.
The best part of the portal is that it will provide ideas to either increase income or reduce expenses.
I Cannot Afford The Debt
When you cannot afford the debt, numerous options abound and each option claims that it is the best option whether that’s bankruptcy, debt settlement or debt management. Truth be told, each option has its own pros and cons, but most options are biased.
4. Take a Free Debt Relief Calculator
If you find that your personal financial situation may need more options than creating a debt payoff plan through Savyy, then it’s important to compare your debt relief options. Look no further than the debt settlement calculator built by Ascend Finance.
This is an essential thing to do when trying to assess your debt situation. We want to help get you out of debt and on the right track, so the best way to start is understanding what your best steps look like.
The debt relief comparison calculator is super easy and helpful, just plug in your data from your financial situation and we will do the rest. You can take either a quick estimate or a precise one that will take about five to ten minutes. After completing the calculator, there will be outlined debt relief options for you with what your next steps could be.
