With each new year, many of us take on resolutions to improve ourselves. Maybe we plan to start exercising, eat better, or spend more time with family and friends. These are noble goals but too often they last just a few weeks at best. We are now three days into 2023 and hopefully you’re still on target with any resolutions you’ve made.
One resolution that doesn’t get much attention is eliminating debt. It’s not the most glamorous of resolutions and debt is not a subject that people like to talk about. The reality is that most Americans have debt. For some it’s a mortgage and car payment that are paid on time and credit cards that are paid in full every month. Others are not able to keep up with mortgage payments and have mounting credit card debt. Every few days I read a new report on increased foreclosure filings, the student loan crisis, and mounting consumer debt. The subject of personal debt does not make for a pleasant conversation, but is one that should be at the forefront of any plans and goals for 2023.
About a week after Thanksgiving I posted on LinkedIn about Face Your Debt Friday. It’s not a real thing, but it should be. It is appropriate after surviving Black Friday, Cyber Monday, and Giving Tuesday. The post mentioned all of the holiday expenses that pop up around that time and how no one wants to ruin their holiday cheer by talking about debt. The problem is that avoiding the subject of debt during the most expensive time of year will only increase your debt burden. What was once a manageable amount of debt has now increased to a concerning amount of debt. It’s the reason that historically, March is my busiest month.
The new year should be a time to reflect on the prior year and learn and grow. What mistakes did we make last year and how can we correct them? Where is there room for improvement? If you are struggling with debt, or on the verge of struggling, this is your opportunity to take control of your finances. The best advice I can give is to not go at it alone. A skilled debt attorney is more than just an advocate. A good attorney will also be your coach, helping you craft a plan to manage and eliminate your debt, and stay on track.
Eating well and exercising to improve your health is always encouraged. There are coaches for that too. Taking the time to address your debt should follow as another important goal for the new year.
Wishing you and your family a happy, healthy and debt-free 2023!
Zimmelman Law PLLC
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