You can’t put a price on financial independence. It’s something that most people want, yet many don’t know how to achieve it. Financial independence has tremendous benefits. For example, there is the freedom to pursue other opportunities. The majority of people find themselves stuck at a job for 30 years. But if they’re able to achieve financial independence, there’s the opportunity to explore entrepreneurship or take risks with their career.
Additionally, being financially independent can provide extra spending money, and there’s the chance to spend more time with family. And most importantly, this type of independence brings peace of mind.
Unfortunately, if you have a lot of consumer debt, it can be hard to achieve financial independence.
Although debt is a part of society, a debt-free life is doable. There are several reasons why we acquire debt. For the most part, we don’t always have money to get the things we need, such as a house or an automobile. Even though loans are customary, financing anything means that you’re a slave to your creditor. And the more debt you have, the higher the risk for negative consequences. For example, you might get in over your head or deal with a damaged credit score.
There are, however, solutions to debt. And although most people attempt to tackle debt on their own, some situations call for professional help.
Now, if you’re trying to become financially independent, asking for help might not seem “independent.” However, getting help from a professional company can help you reach goals faster.
The truth is, a credit and debt counseling company like Lexington Law might be the answer to debt issues and the ticket to becoming financially independent. If you can pay off your debt and adopt a cash-only life, the opportunities are endless. However, some credit and debt service companies have a bad rap. If you research online reviews, you’ll read different stories from people who have been taken advantage of by these companies.
For example, some credit repair companies claim to be able to remove all negative items from your credit report. They raise your hopes; but in the end, some companies will take your money and provide little, if any, results.
This isn’t how all credit and debt counseling companies work. The key is finding a reputable company — one that’s upfront from the beginning.
If you need a company to help repair your credit, it’s important that you understand how services work. The company works diligently to remove unfair and inaccurate information from your credit report. This might include collection accounts, late payments, charge-offs and any other negative item reported in error. After this information is deleted from your report, your credit score will improve. Unfortunately, these companies cannot remove legitimate negative items from your report.
Also, if you need debt management help, the service company will work with your creditors to negotiate better terms and lower payments. This keeps your monthly payments manageable, and helps eradicate balances sooner.
The ability to remove negative information from your credit report and manage debt is only one aspect of working with a service company. Paying off debt and fixing your credit report can boost your personal score. But your score may drop if you revert to poor credit habits. For this matter, a good company will also provide credit and debt education.
To be honest, some people have bad credit because they don’t know the fundamentals of credit management. They may not realize the importance of paying bills on time and they may not understand the factors that influence their credit score. Likewise, they may have debt due to uncontrollable spending habits and poor money management.
Through credit education, you’ll receive tools and information that can help you make the most of you credit and manage credit wisely.
So, do you want to achieve financial independence? Do you need to get from under the burden of debt? Don’t tackle this problem alone. It can be a lengthy, frustrating process. But you can reach your goal with professional help.
Entirely agree with you Pauline; it’s been a completely different experience for us since we paid our consumer debt off. We are planning to be financially independent bo October 2018 but we know that if we re-arrage our lives a bit we could get there within the month.