Step 1: Reduce your current debt obligations
Step 2: Review the checklist and apply for Social Security Disability benefits
If you are at the point at which you are applying for Social Security Disability payments, you
may also be finding yourself in a lot of personal debt. Reducing current debt is oftentimes
a laborious task, but is attainable! By working with knowledgeable helpers to develop a
strategy, you can usually pay off consumer debt much faster than you think.
Step One
Reduce your current debt obligations
The key to financial independence lies in managing your current debt obligations. Few
things are as frustrating as having your much-needed money go towards monthly interest
payments!
We suggest contacting a professional agency to help create a debt reduction strategy and
get you back on your ‘financial feet’ as quickly as possible. You can always contact an
agency first but if you want to make sure you are ready for a productive call, you have the
option of preparing in advance – again, this is optional, you don’t need to go through this
effort before contacting an agency.
Gather all of your monthly expenses and utility bills. Include expenses for phone, television,
and internet. At the end of the column, write the total. Next, gather all of your consumer
debt statements. For each creditor, calculate the total amount owed. After this, total all of
your figures in order to get a sense of how much total debt needs to be paid. At the end of
the column, write the total. Don’t marry the two types of figures.
Create a home budget plan. First, examine your overhead expenses. Call the utility
companies to see if there is a special reduction plan for your area or for your tax bracket.
Enroll in the program so that utility expenses can be reduced. This will help you to distribute
money to consumer debt. Second, determine where you can cut costs in other areas such
as cable, television, internet, and phone. Examine all of your bills for redundancies. Cut the
extra costs. Place this extra money into the third column. Fourth, examine the cable bill.
Seek out ways to cut down costs by studying other options and plans. Take all of this extra
money from cutting costs–the difference between what you pay now and what you will pay
in reduced amount–and place the figures in the extra money column. Total the figures in
order to determine how much money you can apply to your consumer debt.
Develop a strategy for reducing debt. This is the part where it never hurts to consult with
an expert. You may find after talking with a debt reduction specialist that it is not the right
thing for you but it’s likely that you will at least learn a few great pointers about getting out
of debt just by speaking with a specialist!
Step Two
After you have developed a debt reduction plan, knowledge about this subject will help you
as you apply for social security benefits. You can apply online or by going into an office
(don’t worry – you don’t need an appointment) You must be at least 18 years old to qualify
for benefits and you must have paid into social security taxes by working for an extended
period of time. You must have a medical condition that prevents you from working and have been off work for at least twelve months. You must also reside in the United States.
