How a Financial Advisor Can Help You Cope With Debt

According to Jeff Breault, people engage the services of a financial advisor for different reasons. Some want to know more about investments and how to make their money grow. Others need specialists in tax planning or estate management. However, Jeff Breault says that many people who seek financial advice are those who are deep in debt. They might have maxed out multiple credit cards or have taken out short-term personal loans with high interest rates.

A financial advisor could be of help to clients who struggle with managing debt. Jeff Breault compares an indebted individual to a person who has a high fever – the first step in making the sick person well is to lower the fever, then addressing the underlying reasons for the illness.

Let’s say you are in debt and hire a financial advisor to help you get out of it. The advisor would look at your financial documents first. These include credit card bills, bank statements, tax returns, pay slips, and anything else that affects your financial health.

At this point, Jeff Breault says, the financial advisor might encounter a bit of resistance from you as some might consider this kind of scrutiny a bit intrusive. This perceived violation of personal space would only intensify as the advisor draws up a plan to reduce debt and rationalize spending – that is, focus only on the things that matter, such as food and mortgage and utilities, while cutting out the things that cause unnecessary debt, such as your weekly nights out with the boys.

While you might feel offended at first, this is exactly what a financial advisor should provide – an honest assessment of your finances. The financial advisor should be objective enough to suggest drastic changes in your lifestyle, because in most instances, it is the only thing that would keep you from spiraling further into debt. For Jeff Breault, getting a financial advisor to help you focus on the things that matter might be one of the greatest investments you’ll ever make in your life.