Skip to Content
Call Us today! 937-403-9033

Getting Out of Debt


Whether it's caused by credit card bills, a medical emergency or unaffordable mortgage payments, debt affects thousands of people throughout Ohio. While debt can seem overwhelming at times, it can be managed and eventually escaped in many situations. Taking the proper steps can help maximize your chances of paying off debt and staying out of it in the future, but it is important to remain realistic.

In some cases, debt is too debilitating to easily pay off, necessitating a different kind of solution. For Ohio residents suffering from debt that is simply too high to feasibly pay off, bankruptcy provides a possible escape. Both Chapter 13 and Chapter 7 bankruptcy allow filers to pay off creditors and possibly discharge the entirety of their debts, providing them with a renewed chance at financial independence.

For those who plan on paying off their debt, it is important to set goals and deadlines. Determining to pay off a certain percentage of your debt lets you work toward your final goal without being overwhelmed by the enormity of the task. For instance, try committing yourself paying off at several hundred dollars in debt every month. Even if these payments seem small compared to your total debt, they allow you to make concrete progress toward a larger goal.

It is also important to keep a strategic mindset as you pay off your debt. Take the effort to understand your interest rates so you can be certain of how much you must pay every month. It is generally advisable to pay off debts with the highest interest rates first, as this will help prevent more debt from accumulating. You should also track your spending and develop an appropriate budget. Planning out how much you spend each month helps you eliminate unnecessary expenses and allocate as much money as possible to paying off debts.

Source: Opposing Views, "Adopt These 5 Behaviors to Get Our of Debt," Sep. 11, 2012