More than five million people in Germany are over-indebted, but many put off seeking help in time - out of shame or fear of the stigma. In our detailed article, we explain how those affected can regain their financial freedom by taking the right steps.
Over-indebtedness often begins due to unforeseen events such as illness, accidents or job loss. Without sufficient savings, many people fall into a vicious circle: to pay off debts, they take on new ones, lose track of them and end up receiving reminders from debt collection agencies. But there are ways to escape this vicious circle.
Those affected have two main ways to free themselves from over-indebtedness: out-of-court debt settlement or consumer insolvency. In our article, you can find out how these procedures work, what the advantages and disadvantages are and how to find the right time to seek help.
The first step on the road to debt freedom is to get a clear overview of your own finances. A budget book, in which income and expenditure are regularly recorded, helps to identify financial leeway and uncover potential savings. Experts recommend dividing expenditure into fixed and variable items and reviewing expenditure regularly.
In addition to a budget book, professional debt advice is an important step. However, not every advisor is trustworthy - unfortunately, there are also black sheep. For this reason, those affected should turn to recognized, free debt advice centres run by local authorities, charities or consumer advice centers.
Our detailed overview shows how debt counseling works, what support it offers and how it helps to carry out a personal insolvency if an out-of-court settlement with creditors is not possible. The setting up of a seizure protection account (P-account) is also discussed in order to secure your livelihood in the worst case scenario.
Find out how you can get a grip on your financial situation and why it's never too late to seek help - click now to read the full article and find out more.
About the coeo Group
The coeo Group is the leading technology-based debt collection company in Europe. With a clear focus on the combination of groundbreaking AI and first-class customer service, coeo sets new standards in the industry and continuously drives the optimization and further development of receivables management and all other business processes.
Press contact:
Sarah Lehmann
Head of Marketing & Public Relations
Tel.: +49 2133 2463-0
presse@coeo-inkasso.de