Debt is a affliction which many people are suffering under the weight of, not everyone of course, but there are many who are finding it difficult. Well managed debt is absolutely fine and will not cause any issues to you at all, poorly managed debt is a large problem however that affects many aspects of the life of those in financial difficulty. The key to staying on top of your debts, is to stay on top of your repayments, and we spoke to the , to give you some pointers on how to ensure that you are on top of your debt repayments.
Review and Negotiate
The first step is to look at all of you debts, and the repayment amounts, and then cross reference that with your salary and the bills which you will have to pay each month. When reviewing your debts, you should also pay particular attention to the date on which the payment is required. After reviewing your repayment details, you can then speak with your creditors, to tweak the agreement somewhat. For example make sure that the date of repayment, is shortly after the date that you receive your wages, making the payments easier to make. If you have found that with all of you bills and repayments, you don’t have enough money to survive each month, speak with your creditors and try to make an agreement to pay less over a longer period of time.
Debt repayments are something that you can’t forget about, or put off for another month, they are vital payments that must be made monthly. And so when you receive your salary, you ought to consider repayments in the same way that you would think about paying rent, or your gas bill. Make sure that you understand the importance of these repayments, and that you give them high priority to avoid falling behind.
It is vital that any changes in your personal circumstances is known about by your creditors. It is up to you to notify your creditors of a change in salary, sudden unemployment, unexpected medical bills or any other situation which impacts your ability to repay your debts. Once you notify the creditors, in most cases you will find them more than happy to make alterations to your agreement with them, in order to keep your repayment plan up to date. The key is not to hide, but to notify your creditors of the changes.
No More Borrowing
One thing which you must ensure that you avoid, is borrowing more money. Whilst in the short term, loaning money to cover your repayments and give you some cash on the hip may seem like a good idea, in the long run this will only compound your debt issues, and ensure that your repayments are made far more difficult in the future.