Debt is one of the biggest stressors of modern life. If you are facing challenging debt, you are not alone. According to Fair Issac, outstanding debt makes up 30% of most people's credit scores. Just because a lot of people are dealing with debt, doesn't mean you shouldn't do everything you can to solve the problem. If debt has started to negatively impact your life, you need tools to help you resolve debt, stop garnishment, and reclaim your finances. Let's look at some options you should consider.

1. Debt Consolidation

Debt consolidation is often a great option for people who are dealing with a small to moderate amount of debt. Debt consolidation often gives you the option to bundle all your debts into one easily manageable payment a month. These payments are usually set at a much lower interest rate, which can save you a lot of money over time.

2. Debt Snowball

If you are determined to pay off your debts on your own, a debt snowball might help. A debt snowball is a financial approach to debt that involves prioritizing payments toward certain debts. You would allocate as much extra income as possible toward your lowest debt. You will pay minimum payments on all others. Once that small debt is paid off, you would then allocate that money amount toward the next debt and so on until all the debts are paid off. This approach takes a lot of self-discipline but often saves you a lot of money in interest in the long run.

3. Debt Negotiation

If you are willing to work with a lawyer, you might be able to negotiate your debts with your creditors. Negotiating is often very effective. Many creditors are willing to write off huge amounts of fees in the hopes of getting a paid more quickly.

4. Bankruptcy

For some people, bankruptcy is also an option to deal with large amounts of debt quickly. This is a legal process and you will need the assistance of an attorney. This option gives people the opportunity to get rid of debt legally and start over financially.

If you are dealing with debt and looking for solutions to stop garnishment, please contact Weinberg & Ziegler PLLC today. We would love to help.