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Debt Management

If you want to manage your debt you must identify what you owe and to whom you owe it.

Debt Management Basics:

        Identify what you owe and to whom you owe it.

1.       Gather together all of your bills/invoices.

2.       Review a copy of your credit reports so that you can properly identify debts that are reported as delinquent or have been negatively accounted against your credit score.

3.    Make a list that contains the following type of information:  (This information should be part of the Budget plan.)

4.  Determine how much of your budget can be applied towards debt repayment.

           a. Consider opening up a separate bank account where you transfer the total amount of your debt repayment funds each month.

          b.  All of your prior debts are than paid out of this account.  Focusing the most money towards the accounts that are negatively effecting your credit report or have the highest interest rate.

         c.  When one debt is paid off, do not lower the debt budget amount, just roll the money budgeted for it into the next bill with the highest interest rate and/or is negatively effecting your credit rate. Continue allowing the money to snowball until your prior debt is paid.

5.  Come up with a payment plan, or negotiate with your lenders or credit companies to come up with a repayment arrangement or plan. You can talk with the companies yourself, or you can reach out to professionals.

6.  Protect your credit by safeguarding you social security number.  Did you know that the law protects you from having to share your social security number with anyone?