3 Steps to Take if Your Debts are Out of Control

Americans owe more than $1.1 trillion in credit card debt—and a good portion of that is because too many of us are using plastic to pay for basic necessities like rent and food. But no matter where your debt comes from, one thing's for sure. It's stressful. According to one survey, more than half of U.S. adults with debt say they feel stressed because of it.

So what can you do if you're feeling overwhelmed? Consumer attorney and debt relief expert Leslie Tayne is here to save the day. She specializes in law-based debt solutions and today she's going to help us with the steps to take when we're feeling overwhelmed by debt.

You can download the episode wherever you get your podcasts:

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Are you overwhelmed by your finances?

It's not uncommon to feel overwhelmed by your debt. In fact, in this episode, we mention how Miranda made a mistake that destroyed her credit, even though she knew better. Stacy also talks about getting a handle on debt in his book Life or Debt.

We also look at some of the signs that your finances might be heading off track with signs such as:

• Living paycheck to paycheck
• Having more bad debt vs. good debt
• Difficulty creating and sticking to a budget that works

The good news is that you don't have to remain overwhelmed by your finances. And it doesn't mean you have to move or sell your car or take other steps that might not actually be helpful.

Considerations when getting out of debt

Our guest, Leslie, points out that no one method works for everyone. Some of the tips Leslie offers include:

• Try to detach from emotion as much as possible
• Look at your current finances, including whether you have a variable income
• Find ways to develop new habits and model better behaviors for your children
• Take into account short-term and long-term financial goals

We also discuss debt consolidation vs. debt settlement and when it makes sense to seek help from an attorney like Leslie.

Plus, if you're looking for help getting your credit score back on track, you can listen to our podcast episode about credit repair.

Meet this week's guest, Leslie Tayne

Leslie H. Tayne, Esq. is an award-winning financial attorney and author of Life & Debt. She has over 20 years of experience in consumer and business financial debt solutions, which includes negotiations with large international banks and credit agencies for loans, lines of credit, credit cards and student loans. Leslie is the founder and managing director of Tayne Law Group, P.C., a law firm headquartered in New York dedicated to debt solutions. Leslie is frequently sought out for her expertise on financial, credit, and debt topics in the media. As a speaker, she regularly provides insight and strategies regarding all areas of debt and credit-related solutions to outlets like the Huffington Post, Yahoo Finance, US News and World Report and MSN.

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About the hosts

Stacy Johnson founded Money Talks News in 1991. He's a CPA, and he has also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.

Miranda Marquit, MBA, is a financial expert, writer and speaker. She's been covering personal finance and investing topics for almost 20 years. When not writing and podcasting, she enjoys travel, reading and the outdoors

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