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Five ways to overcome serious financial problems

If money has been on your mind a lot more than usual lately, you're likely not the only person in Wisconsin who's having financial problems. In fact, most adults encounter such challenges at some point in life. It's not so much about the fact that your finances have veered off-track as it is about how much you know about options that might be available to help you overcome the crisis.

Many Wisconsin residents can relate to unexpected issues that spark money trouble, such as losing a job or experiencing a medical condition that leads to hundreds (if not thousands) of dollars' worth of bills rolling in. Some situations are undoubtedly more difficult to resolve than others. However, in most cases, financial trouble is temporary, and knowing where to seek support as needed is a key factor toward restoring financial stability.

Have you tried one or more of these options?

Some people deal with financial problems by pretending they don't exist. That's never a good idea and often winds up making matters worse in the long run. The following list includes ideas that often help people bounce back after a serious financial crisis; one or more of these options might be viable in your situation:

  • Pay down debts, beginning with the smallest: Known as the "snowball method" of resolving debt, this idea includes paying off your smallest debt first. The idea is to focus all available funds on paying off one debt at a time, smallest to largest, but you also have to keep making minimum payments on your larger debts in the meantime.
  • Try to send more than the minimum: It's always best to pay more than the minimum on your credit card payments. However, if you continue to add debt to the balance, even paying more won't solve the problem. 
  • Become an entrepreneur: Nowadays, the sky is basically the limit when it comes to finding ways to make a profit. If you pick up a side hustle by using your talents, passions or even just selling stuff you have in your attic or basement, it might go a long way toward helping you resolve your financial problems.
  • Balance transfers: There are many programs that offer balance transfers to help you get out of debt; however, make sure you read the fine print because such deals are often too good to be true. 

There are also numerous types of bankruptcy that may be the answer you're looking for regarding debt relief and working toward a stronger financial future. Bankruptcy is a valuable tool that, in many cases, can also help you avoid foreclosure or stop harassment from creditors. You must fulfill eligibility requirements before filing an application. You might not qualify for one type of bankruptcy, but another might still be in the running.

To determine a best course of action, it helps to speak with others who have gone through similar experiences, as well as those who are well-versed in Wisconsin bankruptcy laws and regulations.

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