Feeling stuck in a debt "no man's land"?

If you have fair credit or less than $100,000 of investable assets, you may feel there aren't many good options to help you become debt-free. You don't qualify for refinancing loans or balance transfer cards, and financial advisors often overlook your situation. This can leave you feeling stuck in a debt “no man’s land.” But don't worry—you’re not alone. Here’s a look at three common solutions that often fall short and one that really works.

Common debt solutions that often don’t work

1. Refinancing

What is it?Refinancing involves consolidating your debt into a balance transfer card or a personal loan.

Who is it for?People with good credit scores.

Why doesn’t it work?70% of people who refinance end up increasing their debt or maintaining the same level of debt.

2. Debt settlement programs

What is it? A third party negotiates a lower balance or lower interest rate with your lender, usually for a large fee.

Who is it for? People with a lot of debt and very low credit scores.

Why doesn’t it work? These programs can severely impact your credit score, contain numerous fees, and often take years to complete.

3. Bankruptcy

What is it? The legal elimination of debt, freeing the debtor from personal liability for certain types of debts.

Who is it for?People drowning in debt with no ability to pay it back.

Why doesn’t it work?While it works in extreme cases, most people can use other solutions first. It’s also expensive and requires a complete credit score rebuild.

We built an app that actually helps...if you are motivated.

If traditional methods feel like trying to fit a square peg into a round hole and often cause more harm than good, Budge offers a practical, supportive, and simple way to knock out your debt.

What is it? Budge is an app that makes organizing and paying your debts simpler and faster.

Who is it for? Anybody motivated to pay down their debt.

Who doesn’t it work for? People unwilling to make small additional payments above their minimum payments. People unwilling to stay committed to becoming debt-free.

Only you have the power to take control of your debt.

At the end of the day, becoming debt-free comes down to your decisions. It’s about choosing to spend less than you make, even if it means eating the same boring meal at home instead of dining out. No product can make these decisions for you.

You need to commit to this journey, even if it hurts. The end result will be worth it. If you’ve committed to this process, Budge can simplify your journey. But remember, the choice always starts with you.

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