Debt Help

This is a new and scary time for many of us!

As Bill McDonald reflects in his recent monograph, Life After Debt:

"None of us, from the highest-level advisor to the guy next door, ever anticipated the financial turmoil that has hit our economy like a tsunami. Not since the "Great Depression" have so many lost so much in so short a period of time. And it is not just an American problem****No, the loss of buying power, the eradication of savings, the wholesale pillaging of our wealth, is a global problem and therefore an even more severe situation than a quick fix from Congress can address."

The adage is indeed true. Financial concerns are the most frequent issues addressed in mediation. While we often find that there are even deeper root causes of the conflict that has developed between parties...unspoken expectations; poor communication skills; financial safety needs...there is no doubt that the present economic environment has increased the stress level in families.

Folks are unemployed, underemployed or have simply found themselves mired in debt overload that they never anticipated.

Below are the ordinary options for consideration:

Debt counseling - Assistance program that helps with budgeting and works out a negotiated payment plan with your creditors and often reduces interest rates.

Bill Consolidation - Usually a personal loan that consolidates present debt into a single smaller payment. It can also extend the length and ultimate interest.

Debt Settlement - working with a company that negotiates with your creditors towards a lower "payoff". The cost is a % of your total debt handled through them.

Bankruptcy - usually a last resort. Difficult to do yourself so there are attorney fees involved. It does ruin your credit for several years and the rules have become much stricter.

Self-help negotiations - Creditors are becoming much more willing to work with individuals to resolve their debt problems...particularly credit card issuers, than before our "crisis". Strict budgeting and forgoing some of the "I wants'" is required. You also need some good knowledge of the credit business and how to approach them.

AMcN Group mediators have teamed with psychologists, financial planners and legal experts to develop a website that includes a fact filled information package. You can inexpensively purchase an entire package that includes suggested model letters, budgeting forms, negotiating techniques and stress reducing ideas. Take a look...it just might help. www.theowezone.com or email marcia@theowezone.com for further information about the product package and how you can begin to resolve your debt problems without spending large additional $$$'s and with family cooperation.