If you’re struggling with debt, keep in mind that you are hardly alone. According to recent studies, over 40% of Americans are only one disaster away from bankruptcy. Imagine that. 40% of Americans are in dire financial straits, and they don’t even know it.
This, of course, is the classic case of living from paycheck to paycheck. This is not a winning strategy.
You have to remember that life is very fluid. You can die tomorrow. You can have a stroke. You can experience a medical emergency. You can lose your job. There are just so many things that you really have no control over.
Unfortunately, if you are going to push the envelope and live from paycheck to paycheck, you are simply assuming too much risk. This is unfair to your family and your loved ones.
This is why it’s really important to manage your debt and eliminate your debt as soon as possible. Try to knock out that debt. The more debt you have on the table, the worse things would be for your family and loved ones if things head south financially for you.
If you’re having a tough time getting a handle on your personal finances and your debt level, you might want to participate in a debt support group. These are support groups made up of people who are struggling with the same financial issues as you are.
Support groups work because you are made aware that you are not going through your problems alone. There are other people confronting the same issues.
Most importantly, you can network with these people to learn about solutions that they use to help fix their problems. If you network and collaborate properly, you might be able to knock out your problem debts sooner rather than later. The first step, of course, is to join such a group.
Thanks to social media platforms like Facebook, it’s much easier to find debt support groups segmented by geographic region. While not the whole United States is blanketed by debt support groups, you can at least rely on regional support groups. You might just be one city away from such a support group. In such a case, traveling a decent distance once a month might not be all that bad, as long as it goes a long way in helping you resolve your financial issues.
Local Non-Profit Networks
There are all sorts of non-profits that help people with personal finance issues. You might want to start there. Maybe they know of non-profits that hold and sponsor debt support groups. At the very least, you might get a number to a resource you can then reach out to for further leads.
Filter Them Right
Regardless of where you get your leads, it’s really important that you filter your debt support groups properly. You have to make sure that that support group is actually aimed at helping participants resolve their financial problems.
Some debt support groups are simply confidence-building groups. What this means is that they’re just there for emotional support. They’re not really there to give you technical advice. They’re not really there to help share tools and resources that you need to get your financial house in order.
I’m not saying that those types of groups are completely worthless. However, at this point in time, you’re probably less interested in your emotions as you are in the health of your finances. You’re looking for concrete results. So make sure you filter your debt support groups properly.