Debt Management

How We Get You Out Of The Red

Facts on Debt

We as a nation owe about $3 Trillion in public debt, of which $621 Billion is in credit cards and bankruptcies. There is a great need in our culture for responsible debt management practices. That means each an every one of us should evaluate our current debt situation and determine whether we are in need of debt management help.

It is estimated that over 50% of the American population is suffering from debt related stress and that 1 in 70 people will file for bankruptcy. The situation is getting worse and the old habits of "charge now, worry later" are surfacing, since people are beginning to feel the pain of reckless expenses.

What is Debt Management?

Debt Management is a combination of solution activities such as: debt reduction, debt consolidation, debt settlement, bankruptcy, credit counseling, and personal behavioral changes through education.

How We Do It

Our goal is to get you back on track to financial freedom, with a savings account (which will actually have money in it) for those unexpected turns in life and the necessary tools & discipline to manage money.

In The Beginning…

With your first consultation we will help you face your debt head on. We try to get an idea on what you think about money and how you have spent it in the past.

We put together a figure of your total debt, look at budgeting for an "allowance" depending on your payday, and look at budgeting monthly for things like a "Christmas Fund."

We'll talk about goals for the program both short & long term (not just from a money aspect) and set the ground work for a miscellaneous monthly expense report, investing and savings, and a summary for the year.

Depending on the amount of the debt incurred we may ask for credit cards, debit cards, checkbooks, etc. The plan will not make you debt-free overnight; it will take time, anywhere from 36-60 months to become completely debt-free depending on your situation. We help you establish the foundation by which to live the rest of your life. You might only be in the program 6-12 months, maybe more, maybe less, it's all up to you. By taking the first step on this journey you are moving closer to financial freedom. Before you leave the first day we'll schedule a day and a time to meet every week. At every meeting we ask that you bring in "Your Folder" which should include any new bills received (statements are required to accompany the bills when they come in!!), Miscellaneous Monthly Expense Report, paychecks, and any questions you might have.

The Middle...

This is always the hard part no matter what you do. Sticking it out until the end is never easy, but with the repetition of the weekly meetings and the realization that: "Hey that credit card company isn't calling everyday. Wow, I like that." Yes we can stop the harassment of creditors.

When your budgeting $25 from your weekly allowance and putting it into your savings account, we all know that those old habits are dying and new ones are taking over. How nice it will be to get a good night's sleep or not argue with a loved one over the weekly bills. Financial stress and worrying should go away. A wise woman once said that worry is nothing but "negative visualization." This is also where your role truly comes into play, by sticking with the program and knowing that at the end of this journey a new one that is debt-free will begin. With the tools that are at your disposal you can change your life forever.

Eventually, we turn your checkbook over to you. We still want you to come in weekly for review.

Our weekly program will end anytime we feel your ready, but the Plan will continue forever.

The End...

You made it through! The goal we mentioned in the beginning is now a reality!

Contact us or request an appointment to learn how Wilson's Bookkeeping and Tax Service can be of help to you!