Struggling With Debt? 5 Ways A Financial Advisor Can Help

12 January 2021
 Categories: , Blog


Do you have a lot of debt? Then you may be an ideal candidate for the help of a financial advisor. While most people think financial advisors are something reserved for investors with a high net worth and lots of assets to invest, an advisor can also be a big help if you have a more challenging financial situation. How can this professional help you conquer your debt? Here are a few key ways. 

1. They Help With Budgeting. If your challenge is living within your means or learning how to craft a realistic budget, an advisor is an invaluable ally. With years of experience and an impartial perspective, they can help you design a budget you can live with and understand what's needed to get rid of bad debt. 

2. They Assess Good and Bad Debt. Not all debt is the same. Some debt — like mortgages or educational debt — can be "good debt". Others, such as high-interest debt, may be "bad debt". Understanding how to maximize good debt and minimize bad debt helps you manage your debts to your benefit. 

3. They Make a Future Plan. When you struggle with a high debt load, it's hard to plan for the future. This is where an advisor comes in handy. Advisors look at your entire financial and family picture as a whole rather than getting too sidetracked by debt issues. They'll help you make and execute positive goals, do estate and end-of-life planning, and take advantage of any financial opportunities within your circumstances. 

4. They Advise on Debt Strategies. Many debtors consider a variety of debt management or reduction strategies, including consolidation, transfers, and bankruptcy. What is the right choice for you? An advisor understands the pros and cons of all these choices and more. They will help you analyze them and find the right path for your situation, whether it be bankruptcy or just budget management. 

5. They're a Confidential Outlet. Because money and debt are often taboo subjects, many Americans are hesitant to discuss their problems even with family or friends. Your advisor, though, is a trained professional who will counsel you while maintaining your privacy. 

Which of these benefits could improve your debt situation most? Whether you need impartial financial advice, management tips, or just someone to talk to, your financial advisor may be just the resource you've been looking for. Make an appointment today to learn how a financial advisor can help debtors large and small.