Hopefully the strategies and tips we’ve shared with you over the last few weeks concerning debt management have empowered you to understand your debt situation, make a debt-reduction plan and take action. While everyone’s situation is different, getting out of debt will require hard work, commitment and consistency, but the rewards are truly worth it. So here are a few more tips that will help you along the way.

Understand Interest Rates & Late Fees: Know what the late fees are on all of your debts. Avoid late fees to ensure they’re not adding to your debt, and explore options for lower interest rates. If you can’t make a
payment, call the banks or companies you owe and talk with them about your situation. Most creditors will assist you if you let them know before you miss your payment.


Review Your Budget: Remember to review your budget regularly to make sure you’re not overspending in any area of your finances and to be sure you’re still applying as much money as you can to paying off your debt.

Know your rights (as a debtor): Even though you owe, you still have rights. The Federal Trade Commission (FTC) is an excellent resource both to help you manage your debts and provide you with valuable information should your debt spin out of control.

As you continue on this journey, remember to be patient, stay focused and keep your eyes on the ultimate goal of eliminating your debt. Once you get control of this area of your finances then you can really start looking at saving money. So stay tuned for more on Your Money & You.