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8TH JAN 2009
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The students Do It Yourself approach to managing debt, watch those credit card statements go down by taking control of your debt.
Taking control of your debt, and eliminating the debt you already have, can be a difficult process. After all, no one likes to deal with debt, and this causes many people to put off dealing with it until it is too late.
Unlike fine wine, however, debt does not get better with age. Putting off dealing with debt only makes it worse, and it can be easy for debt to quickly spiral out of control. Many debtors feel that they need outside help to deal with their debts, and in some cases that is true. Before taking that step, however, it may be worth trying out the do it yourself approach first.
The first step to do it yourself debt management is to take stock of what you owe and to whom you owe it. Be sure to write down all the pertinent information, including your monthly payment, the amount owed, and of course the interest rate.
The next step in the do it yourself approach is to decide how much you can afford to pay each creditor each month. Write down your monthly expenses, including the rent or mortgage payment, gas bills, utility payments and the like. The money you have left over after the regular bills are paid can be applied to paying down your debt.
After you have decided how much you can pay on a monthly basis, the next step is to contact your creditors and propose a repayment plan. It is important for the plan to clearly spell out how much you are willing to pay, and to ask for a response in writing. Getting a written response is vital, as it will be your proof of an agreement in case a dispute arises later.
After the debt has been satisfied according to your proposal, it is important to have the creditor send you a notice saying that the debt has been paid in full. A copy of this notice should be submitted to all three credit reporting agencies as proof that the debt has been paid.
Do it yourself debt reduction is not always easy, and it may take several attempts to get your various creditors to agree to your terms. The benefits of this approach are many, however. Not only will you avoid the cost of professional debt counseling, but you may learn some valuable lessons about handling your finances as well. www.1stcall.com
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