Get on Top of Debt Before it Gets on Top of You

Get on Top of Debt Before it Gets on Top of You

Hundreds of debtors are facing almost irreparable credit damage. The reason most of these people are in such a bind is lack of assertiveness. For a person to maintain a positive or level credit score, he or she must stay proactive. He or she must complete certain actions that keep such a score positive. Additionally, the consumer should find a way to gain education on how to budget and manage money. People who do not stay on top of debt usually end up with the debt weighing them down. The following are tips to help a consumer stay above debt problems.

Credit Monitoring Services

One way a consumer can keep an eye on his or her credit score is to enroll in a credit monitoring service. Many companies offer free trials of such services. When the trial period ends, the consumer can sign up for monthly services. Credit monitoring services take note of the individual’s credit score. This type of service will also send the debtor an e-mail or text message if his or her score changes from one month to the next. The debtor can use this information to take action if he or she notices a slip.

Pay Bills on Time

The best way for a debtor to stay on top of debt is to pay bills on time every month. If the individual has several accounts with different payment dates, he or she could attempt to change the payment dates with the individual creditors. If that does not work, the debtor could set alarms and alerts on his or her mobile phone. Some companies have text alerts available to alert the customer three days before the due date.

Debt Consolidation

Another method of making timely payments easier is applying for a debt consolidation. If the consumer notices that his or her credit score is declining, a consolidation might be a good option. A debt consolidation procedure will merge the debtor’s accounts into one larger account. The consumer consolidates in one of two ways: a loan or a debt management plan. A debt consolidation loan comes from a traditional lender such as a bank. The debtor must have good credit or collateral to qualify for a consolidation loan. Careful credit score monitoring is important, because the individual needs to apply for the loan before his or her score drops to a sub-par level.

A debt management program is not a loan product. With a DMP, the debtor pays the debt management company to pay his or her monthly creditor bills. This type of program is more of a shift of responsibility. It can help the debtor to maintain a positive credit rating. However, the debtor will have to pay the debt management company for providing the service.

Debt Counselling

Debt counselling is another wonderful service that can help consumers stay on top of their debt. A debt counsellor can teach a debtor how to avoid spending money frivolously. He or she can also teach a debtor how to save money while paying off creditors. Another service a debt counsellor can give is advice on the best ways to pay down debt. A debtor can easily keep his or her head above the water by using these services.

Staying on top of debt involves careful bill examination, payment strategy development and executing proper spending procedures. A fully fortified debtor can keep his or her credit score level. He or she can also make that score reach superior levels. Success will come if the debtor is alert and willing to learn new financial strategies.

Written by Lisa Smith – Lisa in an experienced freelance writer and is currently representing a competition website.

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