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Certified Public Accountant in New York Teaches How to Resolve Debt Issues
Debt consumes many people and although it is very hard to get yourself out of debt, it is not impossible to do. The beginning of the year is the ideal time to start resolving debt issues but you can start anytime of the year, as long as you are ready to do it. If you are not committed to eliminating debt completely, you may not be as successful as you originally wanted to be. Here are some tips to help you resolve debt issues.
The first tip is to not get any deeper in debt. There is always going to be things that you want but you need to make sure that you know the different between your needs and you want. During the year, you will need to make the decision of what to buy and what to pass up. If you want something really bad, wait three days. If you go back after three days and you still want that item as bad as you did then figure out a way that you can work it into your budget. Leave your savings account alone. If you don’t have the cash in your hands then don’t get it. If it is something that you need, you have to buy it but before you do, find out if there is a less expensive necessity.
Make yourself a list of all the debt you owe and figure out how you can pay them down or off completely. Set yourself a time frame to get this all done. It’s best to give yourself one year to be out of debt completely.
Instead of taking care of all your debts at one time, break it down and do one or two to begin with and then once you get those taken care of, start on the next two. Go down the list until you successfully eliminate all your debt.
Don’t co-sign for anyone. When you are trying hard to get out of debt, you cannot back someone else up on a loan. If they fail to make their payments, you will be responsible for paying that loan if the person does not pay for it in time. If you do not make the payments, then it will count against your credit record. You assume all debt when you co-sign and someone does not keep up with the payments.
There will be some debt that will be impossible to clear especially when they have such high interest rates. You may want to hire a third party to step in and try to eliminate some of that interest rate.
If you run your own business, hire a certified public accountant that will keep track of your finances for you the entire year. This way you do not ruin your business due to poor record keeping. You can consult with a NYC CPA anytime of the year to find out what you can do to get back on track.
About us: MEDOWS CPA, PLLC is a boutique New York CPA NY Firm serving the needs of Individuals & Small Businesses in New York City and throughout the nation. We work with the self-employed, freelancers, LLC, C-Corporations and S-Corporations to help them with their accounting and tax needs.
Jonathan Medows, CPA
MEDOWS CPA, PLLC
A Unique, Boutique New York CPA Firm Serving the Needs of Individuals & Small Businesses