ESB Truth Test

It was such a distressing thing to think of filing for a chapter 7 bankruptcy for myself as I sweated blood and tears to help establish our retail store business in the city and somehow with the economic problems plaguing us, I was not spared myself from the trouble.

It was still running, the business, but problem was the debt I have are just more than what the stores are earning at the present time and it has been so for the last 4 months. I could not even sleep at night thinking about the bills and interests I have to pay and what I am more scared of is that the bank might send out a foreclosure notice for my house which I put as a collateral for the loan I made back then, sooner than I expect if things don’t turn around pretty much within the next 2 months. With all these problems, I’m just about facing the wall right now and actually cornered and I don’t know what to do to help me and my family.

With the help of my brother, he told me all about what he heard in www.outtadebt.com about their financial consultants which can really create some way to help save your business through so many means like one example is the debt consolidation into one single loan and one fixed interest which will simply consolidate all interest into one standard amount making it lower in a long term outlook. I honestly thought it was such a good idea and through them, I was able to file for that debt consolidation and now that it is approved, I can now start to breathe a little easier and hopefully, things will now start to get better and hopefully, we can recover enough to keep ourselves afloat.

Financial freedom does not happen overnight as much as “Rome was not built in a day”. The first step to achieve this goal is to have a strong understanding of your finances and knowing the fundamental tools of cash flow. Unfortunately, we are not born with this acumen and in this consumer driven society of ours, spending rather than saving comes as second nature. What to do when you realize later on that you are heavily in debt and heading down the dangerous road of financial crisis?

My personal experience taught me that the easiest way is to admit that you need good financial advice and an infusion of capital to bring you back on the right track. After shopping around online for the right lending institution I can say that Loans is the best solution there is. From Business Loan that can help small and medium scale entrepreneurs to Personal Loans that is of great help to those seeking future financial freedom like myself, you can expect utmost professionalism and genuine sincerity from their highly trained staff. What’s more, your privacy is well guarded and the feeling that you get is one of comfort and compassion, a big plus especially to someone who is facing difficulties and subjected to undue stress brought about by financial constrain.

Last year, I had gotten into a bit of a bind with my medical bills. Since my insurance wasn’t able to cover everything, I decided to charge all the rest to my credit cards. At first I was relieved to have been able to settle everything with the hospital, but apparently that wasn’t where my problems ended. Since I wasn’t able to get back to work right away, our household income was effectively cut in half, or even less since I was making more than my wife due to the bonuses that we occasionally received. Our trouble with the hospital bill was simply replaced by the one we had with the credit cards! We have been trying to keep up with the payments, but it seems like an extremely uphill battle. Even with all our spending kept to a minimum, we were still struggling to keep up with the payments.

I thought to myself that it shouldn’t have to be like this for the rest of our lives. I had wanted my children to inherit something useful from me, not just debts. I had seriously thought of filing for bankruptcy, particularly chapter 7 bankruptcy, to be able to get a fresh start. But my wife was actually worried about how we would be treated after that.

So we decided to look for alternative solutions to solve our debt problem. The best one that we came along was debt consolidation. We found a couple of companies, on the internet no less, who were offering this sort of service. We did some extensive research since we had already learned from the past that we might just be trading one devil for another. However, they seemed like the real deal so we decided to try them out. Slowly but surely, we are slowly recovering our consumer credit and hopefully in a few years time, we will already be debt free.