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Could budgeting stop harassing phone calls from creditors?

It is a new year, and many people are resolving to get out of debt in 2014. Once the resolution is made, many New Jersey residents are left wondering just how they are going to achieve that goal. Some suggest that budgeting could stop harassing phone calls from creditors.

A recent survey indicates that 60 percent of Americans believe that budgeting is the way to pay off debt. Knowing how a person spends his or her money could make a significant difference in paying off debt. Even though many people are aware of this, creating and sticking to a budget is not necessarily as easy as it sounds for most people.

A poll taken in April 2013 indicated that only 32 percent of families prepare a budget. Keeping track of spending habits could have unintended consequences. Some people end up making other changes that impact areas of their lives that have nothing to do with finances.

When budgeting alone is not enough to make a significant dent in a person's debt, other measures may need to be employed. Many turn to consolidation loans or credit counseling in order to pay down debt. For others, these measures still are not enough to get out from under debt.

Some New Jersey residents find that filing for bankruptcy protection allows them to eliminate old debts and stop harassing phone calls from creditors. Once a person's outstanding debts are dealt with, the opportunity exists to make a fresh start. After filing bankruptcy, a budget may help the filer achieve the financial freedom they seek.

Source:, 7 Ways Americans Are Getting Out of Debt, No author, Jan. 21, 2014

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