HomeAbout UsContact UsPrivacy PolicyBudgeting/SavingDebt HelpDiscipline is Key to Good Debt ManagementPosted  by gotogl on Jun 23, 2013 in Debt Help | 0 commentsWith so much credit available today, it’s easy to wind up spending more than what you can afford. Some consumers have more than $300,000 in available credit on numerous store, airline and gas cards. In theory, the more cards and available credit, the better one’s credit score is. Of course, that’s assuming that your monthly bills are paid on time. For those who are able to meet their financial obligations, discounts, freebies from stores, hundreds of miles and points and good credit scores can be earned. However, for those unable to pay the bills on time, too much credit can create a financial storm if not managed properly.Managing Debt EffectivelyThere are several strategies for managing credit effectively. Implementing them will prevent you from overspending, give you financial discipline and assist in timely payments to your creditors.Bill-Paying History: Even if it’s just the minimum payment, it’s always critical to pay your bills on time. Timely payment account for up to 35 percent of your credit score. Make sure to keep track of due dates and consider paying seven days in advance.Utilization Rate: The utilization rate is the debt-to-available-credit ratio. It counts for up to approximately 30 percent of your credit score. A ratio over 30 percent can be a red flag to creditors that you may be having money challenges. For example, if you have $300,000 in available credit, it’s best to keep a balance of $30,000 or below.Use Cash Instead: To avoid the financial trap of using credit for all of your purchases, use cash instead. If you’re planning to purchase a new TV, research the cost and save up for the purchase. This way, you’re only buying what you can actually afford, and you’ll keep your utilization rate low.Debt Consolidation ProgramsIf your debts have mounted to the point where you’re having a hard time paying bills on time, you may benefit with financial advice from non-profit credit counseling agencies. These agencies will assign you a qualified financial counselor who will evaluate your debts and income. Your counselor will also advise you of the different types of debt management programs if needed. When you enroll in a debt management program, your advisor will negotiate with your creditors for one affordable payment. This typically entails getting a better interest rate and eliminating any late penalty fees. You make one payment to the agency, and they will appropriate the monies to your creditors. These programs have helped many consumers pay off their creditors along with being able to maintain a healthy credit score.3 Debt Repayment Tactics to AvoidPosted  by gotogl on May 5, 2013 in Debt Help | 0 commentsPaying back debt may be at the top of your list – and that’s good – but it’s important to make sure you make the right choices in how you pay back that debt. There are s