Debt Management Guidelines: How to Get Your Debts in Order and When to Get Help

Most families have a bit of debt that they have to deal with. Unfortunately, it is not common to lose control of finances. If you find yourself in any kind of financial trouble, it’s time to develop a debt management strategy. How can you pay your debts? How should you prioritize them? Should you consider consolidation? Or even bankruptcy?

Here are some tips to establish better debt management:

• Make a list of all your debts and how much you owe on each one. Organization is essential. On the list, the information should include the total amount owed, the name of the creditor, the minimum monthly payment, and the due date. Having everything listed in front of you allows you to see the big picture.

• Prioritize your debts. Obviously, things like home loans, child support, car loans, and late IRS payments should come first, as these types of debts have the biggest consequences should you be unable to pay. . When it comes to credit cards, pay off the ones with the highest interest rate first, as that rate will continue to rise if you fall behind.

• Once you have your debts prioritized, make the sacrifices necessary to pay at least the minimum amount. While paying just the minimum won’t reduce your debt much, if at all, it will keep it from growing.

More debt management tips

• Try to save money as much as you can. Do you really need to go out for lunch every day? Do you really have to take the car to a place that is within walking distance? Are there any entertainment expenses you can cut back on, like a Hulu or Netflix subscription? Do you really need all the channels on your TV? Even if you only cancel entertainment for a couple of months, it can really help you get caught up on debt.

• Recognize the signs that you need help. Debt management is not always something you can do on your own. There are management and consolidation companies that will help you keep your finances in order. Bankruptcy should also be considered if things really get out of hand. If you simply find that you have too much debt and too little money to meet your monthly payments, it’s time to seek professional help.

There are many debt management services out there and not all of them are reliable. One company to consider is CuraDebt. It has been around for over 17 years and has taken clients nationwide. This company is in “good standing” with the Online Business Bureau. You could even use a CuraDebt promo code, depending on the type of service you need.