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You make some purchases or take small steps forward, and before you know it, youre stuck.
The prospect of ever paying everything back feels so overwhelming that, after a while, you stop trying.
You figure that since youre drowning anyway, whats a few dollars more?
Turns out, a lot.
Before you know it, youve racked up $10,000 in debt.
Her approach didnt involve complicated financial maneuvers just a willingness to save and talk to her credit card company.
These are steps that anyone can take to get out of debt, including you.
Lancaster admits that she did just that when her bills arrived, overwhelmed by anxiety about her debt.
Anxiety is a natural response, given how much debt can impact your future.
Lancaster realized she had to take control of the situation and face her debt head-on.
The CFPBrecommendscontacting your credit card company to ask for help.
Ultimately, Lancaster and her credit card company settled on a payment of $373 every month.
This kept her payments so consistent that her anxiety over her debt all but disappeared.
Perplexed, she called her lender to ask why.
She thought she still owed about $6,000.
Quite a happy surprise, indeed.
The Caveat: How Debt Settlement Affects Your Credit
There is a caveat, of course.
Lancasters repayment plan was actually a form of debt settlement, which can negatively impact your credit score.
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