In this episode of The Marc and Mandy Show, Mandy chats with Jennifer Croft from Credit Lift about how to deal with debt.
Mandy: How do you know if your debt has gotten out of control and what are some of the red flags you should be looking for? I have Jennifer from Credit Lift with me and she has some advice on this. So, thanks for being with me Jennifer.
Jennifer: My pleasure to be here, Mandy. So, the first red flag you want to look out for is found in your creditor statements. And what you want to look for is your creditors assessment and calculation on how long it will take for you to pay back their debt. If you’re going to take longer than five years to pay back your debt, you want to definitely get some professional help. The second red flag will be if you went to your bank and you have an excellent credit score but the bank still turns you down unless you have a cosigner. And the reason why they’ve turned you down is because you have been deemed as a high risk for defaulting. The third red flag you want to look out for then is having absolutely little to no cash flow after you’ve paid back all your minimum payments towards your creditors. So, it’s important that you want to recognize these red flags along with the emotional mental and physical toll that’s taken on you as a debtor when you’re struggling with debt because you can only change what you acknowledge and nothing about your situation is going to change unless you change something.
Mandy: I agree with that 100. What would be your advice for somebody who’s wanting to get out from under their burden of debt?
Jennifer: I want to encourage each debtor to get the help that they need by reaching out to us today. We do have people who are available to speak with you on options on debt relief and it’s important to also look for someone who’s going to exclusively advocate for what’s in your best interests and not your creditors.
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