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Online tools that help you manage your debt

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By: Amy
on 25th May,2016

The debt issue has been compounded over recent years since the 2008 financial crash.
Online tools that help you manage your debt

Practically everyone desires to be financially secure, not having to worry about paying bills, meeting unexpected expenses, purchasing wanted items, going on exotic vacations, or enjoying a good retirement. However, financial success and security doesn’t occur haphazardly, but is a result of personal financial planning, careful budgeting and effective debt management.

Easy Help with Debt Management

Today, debt is one of the largest problems that a many Americans face. The debt issue has been compounded over recent years since the 2008 financial crash. Due to jobs being cut, tighter restrictions on loans, rising prices and a number of other pressing factors, people have had to utilize credit cards and other forms of credit as well as use up savings more than anticipated in order to make ends meet.

Therefore, it can be more difficult to manage debt effectively during these times, but it is not impossible. Luckily, there are various tools located online that show you how to manage your money.

Online Debt Management Tools

There are various aspects which have to be taken into consideration when managing debt. It’s not only about curbing spending or paying bills on time, but it also involves making cost and income projections, negotiating credit card rates, reviewing and maintaining a high credit score, and more. Online debt management tools are software programs that are designed to take a great deal of work out of such processes and help you to effectively manage debt.

There are quite a few online debt management tools that can be used for free. Here are a few of top selections:

• Reducing Debt – Located at Bills.com, Debt Coach provides various options for getting out of debt that are listed in a side-by-side format for easy viewing. You will be able to select from such options as payment strategies, refinancing cost/benefit analysis and debt counseling. Debt Coach also provides important settlement rates used by credit card companies for determining balance payoff deals.

• Managing Expenses – Keeping track of expenses and receipts can be a daunting task, especially for small business owners or frequent business travelers. With this common need in mind, www.expensify.com has created a mobile phone app that solves the problem of managing receipts while on the go. Photos are taken of receipts, uploaded onto mobile devices and are added directly into expense reports.

• Credit Score Management – At mint.com, you can find programs for creating budgets, but they also offer a newly released tool that uses your mobile device to keep your credit score in top shape. The importance of maintaining a good credit report, which is used to calculate your credit score, sits as a top item of importance today. As a matter of fact, you should do a credit report check regularly to ensure your credit remains in good shape. This tool provides consumers with an alert on their mobile device when preset spending thresholds are crossed that may negatively impact credit scores.

• Complete Debt Management Help – Various tools that assist with creating a complete plan for debt management can be found at inexfinance.com. By completing a free, fast and easy registration process, you have access to a variety of tools that help you to track both expenses and income, set monthly budgets and financial goals, bring together all financial transactions, manage both debts and deposits, create reports and charts, analyze cash flow trends, and more. Tools are available either via PC or mobile application.

What to do if you’re in Debt Trouble

If you are in a position where you are already struggling and want to get out of debt, there are key debt management tips that can be used to expedite the process. For example, you can negotiate better interest rates, consolidate bills into lower, more easily payable amounts, prioritize payments so that more important bills are paid first, acquire assistance from a credit counselor, etc.

Of course, if you are in extremely deep debt trouble, you even have the option of filing bankruptcy. However, this should be the very last choice since a bankruptcy discharge will remain on your credit report for up to ten years and will hamper your ability to obtain certain types of loans as well as some job positions and rentals.

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