Tackling debt is an overwhelming process for many Watertown, CT, residents. Without extensive accounting experience, it's challenging to identify a realistic plan of action to pay down the debts while still meeting your monthly financial obligations.

The skilled certified public accountants (otherwise known as CPAs) at Bergamo Tax & Financial Services understand the immense stress associated with being in debt. For many individuals, hiring a certified accountant can provide the guidance needed to begin lowering their debt.

Paying Off Debt With Help From a Certified Accountant

Debts are nearly always accompanied by accruing interest. The longer it takes you to pay off the debt, the more interest you end up paying. Working with a professional helps ensure that you pay a smaller amount of interest because you will be paying off the debt faster.

A certified accountant provides an experienced and unbiased set of eyes to review your financial situation. With years of experience and thorough knowledge of the best practices, a CPA can guide you through paying off your debts by determining a plan that offers you the most benefits.

If you're currently up-to-date on all of your payments, they can identify opportunities to efficiently decrease your debt level in coordination with your long-term goals. In the event that you had previously fallen behind on payments, the accountant can help guide you to getting back on track. 

Process of Working With a Financial Advisor

During your initial consultation, your accountant will want to know everything about your current financial situation. You should provide a comprehensive list of your debts, including the type of debt and interest rate involved. They'll also want to compare this to your income and other monthly payments like rent, mortgage, and utilities.

Taking your lifestyle and future goals into account, the CPA will be able to create a plan that results in your debt decreasing quicker and reducing the amount of interest you'll pay overall. The plan will also be aligned with your current financial needs and future goals. Once they've provided a plan that you agree with, you can begin to put the arrangement into action. Continue to work with your CPA to make any adjustments as new situations arise or financial circumstances change.

Learn how to finally decrease your debt by scheduling a consultation with a local certified accountant. The qualified CPAs at Bergamo Tax & Financial Solutions will be able to offer you a comprehensive plan to pay down your debts. Along with financial planning, they also provide tax preparation and Quickbooks™ consultant services to their Watertown clientele. Schedule your consultation by calling (860) 274-1655, and learn about the company's full range of personal and business financial services on their website.