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Key Debt Management Strategies

By Administrator 22 January, 2015

People get into financial difficulty for all kinds of reasons. If you are in an undesirable financial position, it is not the end of the world. There are several steps you can take to get your debts back under control.

The first step is to recognise and accept your financial situation. In this case, ignorance is not bliss. Interest charged on your debts does not disappear, and the situation will only snowball the longer you delay repayment.

One way to manage your payments to creditors is to make a repayment plan. If you are struggling to meet your credit card and loan repayments, take action immediately by contacting your creditors and asking about a hardship arrangement. Try to negotiate a plan while being honest and realistic about what you can afford.

Sometimes it is a good idea to check your credit report. Be sure to check that you have not forgotten about an old debt that is now affecting your file, and that any loans or debts listed on your credit record are actually yours or have not been amounted incorrectly. If something does not look right, you can apply for an amendment.

You might also consider using an external dispute resolution scheme. You will find that many industries have their own ombudsmen and external dispute resolution (EDR) schemes that you can file complaints with. Utilising these services is a much simpler alternative to resolving disputes in court.

If none of the above strategies have worked, then seek professional advice from financial organisations such as Debt Free Australia. At Debt Free Australia, we can help you with formal solutions to clear out various types of debt. We provide expert financial advice to guide you in the right direction.

Call us today on 1800 676 598 for a free assessment of your debt situation. Our toll free advice line is open 7 days a week so call when it is convenient to you.