Home » Closing the Wealth Gap » How to Overcome Debt — and Leave the Stress Behind

For the millions of Americans dealing with crushing debt, solving the problem starts with knowing their options.

For many Americans, stress debt is the norm — total consumer debt sits at a whopping $14.2 trillion, and the average personal debt is $92,727.

“A big contributor to debt stress is uncertainty,” says Freddie Huynh, vice president of data optimization at Freedom Financial Network, a leader in debt resolution services. “The key is, get a good plan and stick to it.”

Financial literacy

That plan starts with financial literacy. “Financial literacy is understanding how the decisions you make every day are going to impact you,” explains Sean Fox, president and chief revenue officer at Financial Freedom Network.

“Ask yourself five questions,” Huynh suggests. “Do you have a personal budget? An emergency fund? A plan for retirement? A plan to pay off debt? Do you know your credit score?”

Those questions can help identify gaps in your financial literacy. Closing those gaps can help you avoid financial and emotional stress. Freedom Financial Network offers tools to help educate you about debt and other financial matters.

Dealing with debt

“Having support and a defined process are critical,” notes Fox. “Find a system or program that can give you structure.” For example, a debt settlement solution like Freedom Debt Relief can help you outline and create a customized debt resolution plan.

Most people are aware of two solutions — more debt in the form of new loans, or bankruptcy, which can carry a stigma and long-term impacts on the credit score. The debt settlement process allows for negotiation instead, which can reduce the amount that you owe your creditors. 

“Be willing to talk about your debt challenges,” Fox says. “There are a lot of people who are in the same position that you’re in. At the end of the day, you’re not alone.”

If you want more information about the benefits of debt settlement and other debt solutions like Freedom Debt Relief, visit Freedom Financial Network at freedomfinancialnetwork.com/.

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