Feeling overwhelmed by mounting debt is a difficult position to live with. The stress associated with unmanageable debt can bring a range of negative consequences to one’s health and interpersonal relationships. Finding a way out is important, before these ill effects present even more problems. One recently published book aims to give California readers a different perspective on how to approach high levels of debt.
Titled “Soldier of Finance,” the book is written by a former member of the Army National Guard, who is now a certified financial planner. He advises readers to take a military approach to debt relief, and gives them practical guidance on how to emerge from high levels of debt. There appear to be many solid pieces of advice to be found within the book, and application of these tips may help some California consumers gain control over their financial future.
He begins by stating how important it is to start the process with a clear understanding of one’s overall debt position. When the military spots enemy activity, the details are shared by way of a SPOT report. In terms of debt relief, the author suggests creating a SIT report for each individual debt. This report outlines the size of each debt, the current interest rate and the type of debt. By compiling this information, consumers will gain a comprehensive understanding of where their finances stand, and how to begin repayment efforts.
The book points out that debt repayment can be a long and arduous process, and is not a form of fast relief from debt troubles. For some in California, debt relief needs are pressing, and there is no time to implement a repayment program. Many in this position will turn to personal bankruptcy to relieve them of unmanageable debt, and allow them to move forward with a fresh financial start.
Source: MSN Money, "A soldier's guide to getting out of debt- MSN Money", Gerri Detweiler, May 21, 2014