Debt management is a strategy that uses budgeting and financial planning to help you get control of your debt. A debt management plan’s objective is to employ certain techniques to assist you in reducing your present debts and working towards its elimination.
It is difficult to imagine that more than 70% of Nigeria’s population, and Nigeria as a nation, is currently in debt. Whether it is direct or indirect.
It is a well-known fact that people are finding it difficult to pay off their debts and live a decent life, because of the current economic climate in the nation. At times such as this, people seek the advice of credit counselors for debt management purposes.
A credit counselor assists with the following.
- Credit counselors can help you make a budget.
- Credit counselors can also help you plan to repay your debts.
There are other ways in which one can help themselves in terms of debt management.
- Develop a budget to track your expenses.
- Don’t take on more debts.
- Pay your bills in full and on time.
- Check your bills carefully.
- Pay off your high-interest debts first.
- Reduce the number of credit cards you have.
- Look for the best interest rates when consolidating your debts.
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