Debt Management: What Are My Options?


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Debt management is the most important component of our financial health. It doesn’t matter how much money you make; it’s how you spend it. A personal or household budget will help you make payments on time, provided you follow the plan. When you don’t follow a debt management program, your debt may overtake your income and then you are forced to make late payments on bills or no payments at all because you don’t have the money. You can’t just spend money and hope you have enough for your bills. You must spend within a budget.

If your debt overtakes your income, there are some resources available for debt help. You can contact all your creditors and ask them to allow you to temporarily make lower payments so you can catch up or they may even reduce the amount you owe. Then your credit report will still be good, since you are making an effort to pay all your bills. Then you must make sure you spend within your household budget so all the bills get paid on time. Creditors may be willing to help you one time, but don’t count on second chances, because they are not likely to happen.

If that doesn’t work, you may have to contact a credit counseling agency that provides debt relief services. These agencies are not non-profit; they charge fees for their services. They can assist you in debt reduction by negotiating with your creditors for a lesser amount of debt on your part. They can also help you with debt consolidation by combining all your bills. Then you make one payment to the agency and they distribute the money to all your creditors on your behalf. This will help greatly in the process of your credit repair.

For more on debt control , mortgages and credit repair visit the resource center at If you are in the market for a home equity loan , auto loan or mortgage, visit for financing options.


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