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A military approach to tackling debt relief

For those in Florida who are buried under a mountain of debt, it can feel as though one is waging a war against his or her own finances. One recently published article is written from the perspective of a soldier who served in the Army National Guard for nine years, including a 17-month stint in Baghdad. In addition to his service to his country, this soldier has also struggled with unmanageable debt. He decided to tackle his need for serious debt relief using the principles he learned from his years of service, and he shares those tactics in his book, “Soldier of Finance.”

He begins by stressing the need for consumers to create what he terms as a “SIT” report. Modeled after the SPOT reports used by the military to quickly identify threats, the SIT report is created by compiling information on the size of a debt, the interest rate of that debt and the type of debt. The main purpose of creating a SIT report is simple: many individuals do not have a clear idea of just how much debt they are dealing with. By gathering all of this information in one place, individuals can better devise a strategy to handle these obligations.

The author goes on to say that everyone who is facing a serious pile of debt is in need of a Battle Buddy. This is a trusted individual who can help keep one’s debt relief efforts on track. The Battle Buddy can provide encouragement when needed or can help sort through various debt relief options. For those who are married or in a serious relationship, that person is best suited for the role of Battle Buddy, as he or she is going to be impacted by a strenuous debt relief program and should be prepared to pitch in where needed.

For many Florida consumers, debt relief through repayment efforts is an achievable goal. However, there are some circumstances that require a more aggressive approach. When an individual’s monthly debt service exceeds his or her income, repayment becomes virtually impossible. At that point, filing for personal bankruptcy may be a more viable path to lasting debt relief and a fresh financial start.

Source: MSN Money, "A soldier's guide to getting out of debt", Gerri Detweiler, May 21, 2014

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