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Can disciplined money management bring about debt relief?

Many consumers nationwide, including in Washington, have reached a stage in which they realize that their financial situation is not as stable as they would like it to be. In many cases, the debt load has become overwhelming, and remedies are considered. Cutting back on spending may provide debt relief, but it might not be a quick solution and will require a lot of self-discipline and control over an extended period.

The first obvious step is to determine where and on what money is spent, and which expenses can be avoided altogether. Consumers may be surprised when they consider the amount they spend on non-necessities every month. Examples of expenses that are often considered insignificant include a daily visit to Starbucks. Giving up a $5 latte every day can bring about a saving of $1,800 per year.

Some consumers are tricked by the thought that Big Box Club memberships save them money. Unfortunately, unnecessary items are often bought only because of a good deal. Such purchases often defeat the purpose of membership because it involves purchases that represent spending rather than saving. Another expense that is often taken on because the price seems insignificant involves all the electronic applications that are on offer. Consumers may want to consider whether they can live life without apps that can accumulate at a fast rate and add up to an enormous expense over time.

Washington consumers who realize that their own efforts to reduce expenses are not providing the debt relief necessary to resolve overwhelming debt may benefit from consulting with an experienced bankruptcy attorney. A lawyer can explain the available options, including personal loans, debt consolidation and credit card balance transfers. The protection offered by personal bankruptcy can also be considered. With professional advice, a consumer can make an informed decision on the remedy best suited to his or her circumstances.

Source: stltoday.com, "3 Little Expenses You Can Cut to Pay Off Debt", Gerri Detweiler, Sept. 9, 2015

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