Introduction: What is debt management?
Are you in debt? Are you having a trouble of making ends meet? Are you behind on your monthly bills? Do you consider payday an "exchange day"? Do you have a saving account but no savings? Are your accounts being turned over to debt collectors? Are you worried and stressed that you might be losing your home or your car?
You are not alone! According to the United States Census Bureau, in 2010 69% of Americans are in debt by an average of $70,000. Consumers with the greatest amount of growing debt were those in the age group of 35 to 45, with roughly $108,000 in debt. College students in the U.S. graduate with an average of $35,000 in student loans, and total student debt in 2016 has topped $1.3 Trillion. The total outstanding credit card debt in the U.S. ranges between $975 billion and $990 billion each year.
Many people face a financial crisis at some point in time. It can be overwhelming, but it can also be overcome. If you are in financial trouble or if you know someone in the trouble, there are options you can consider. To restore your financial future, the most important step is to build a realistic budget and make debt management plans depending on your level of debt. Additionally, there are other options (such as debt relief services, debt settlement, debt consolidation, or bankruptcy) as a last resort for extreme debt cases.
This chapter on debt management is constructed to provide enough information to avoid becoming shackled with unnecessary debt that could potentially ruin your financial future. For successful debt management, the first step is recognizing the symptoms of being in debt and what commitments you can make to reach a future of financial security and freedom. Let's follow the steps below!
Chapter 1. How much debt is too much?
Chapter 2. In order to manage my debt where should I start?
Chapter 3. What are debt management plans?
Chapter 4. How do I avoid Debt settlement and debt elimination scams?
Chapter 5. What should be my last resort for debt relief?
This was made possible in partnership with The Singleton Foundation for Financial Literacy and Entrepreneurship. This video and more videos like this can be found on Millionstories.com. Links to an external site.