Debt management advice is useful to those who are involved with debt issues and need assistance to help them through this difficult circumstance. When a consumer is being inundated with payments and is struggling to pay debts, debt management advice can help guide the consumer to sort out their problem.
It is always advisable that a consumer be aware of their rights and duties as a debtor. Therefore before agreeing to any credit terms, a consumer should do proper research on the terms and conditions and query any and all fine print that may look suspicious. However knowing your rights does not necessarily mean that you are in need of debt management advice; it just means that you are well informed and interested in preserving your financial future.
However there are instances when a consumer needs to recognise when to approach someone for debt management advice. Below is a checklist, and if more than three of the criteria are met, it might be time to look for debt management advice and begin debt review.
After debt deductions you are left with little to no money for food, housing and transport and your budget is stretched thin.
Sudden increases in instalments and interests rate have thrown your budget upside down, and you are suddenly unable to meet all your creditor’s demands.
You have skipped payments before in order to survive the month.
You have taken out payday loans on more than one occasion because your disposable income did not last the month.
Creditors have sent notices due to late payment and you are feeling the debt noose tightening. You’ve had to sell off belongings in order to pay your creditors.
The fact is debt management advice should be sought out the moment that debts become unmanageable and affect your quality of life. Applying for debt review may seem daunting but it will alleviate these pressures and eventually help the consumer regain control of their finances.