subject: 5 Major debt resources that help you manage your debts [print this page] 5 Major debt resources that help you manage your debts
Debt resources help you by educating you about how you can handle your personal finance better. It is very important to understand how money works; this helps you to manage your money well and also to pay off your debts with ease. Some of the useful debt resources are as follows.
1. Federal Trade Commission: The Federal Trade Commission is a consumer protection agency. It works towards providing information on debt related matters. It provides with information on how to help yourself with credit repair, what you should do when you want to file for bankruptcy, debt management plans etc.It also educates you on how to handle your debt efficiently such that you do not need to opt for any debt solution methods.
2. Online forum: An online forum is a discussion site where you can post your debt related queries. These forums usually function based on participation. After you post your query, usually people, who have adequate knowledge in the field that concerns your query, answer your question. You get not one, but many responses to your single question. You can choose from among these answers the one that suits you the best. In the process you get to know certain details related to your debt problem, which you may not have known otherwise. More number of responses also ensure that you get the opinions of not just one but various experts.
3. Debt calculators: They are financial tools that help you to find out how long it will take to pay off all your debt. By using a calculator, you can find out how much you have to pay if you want to repay your debts within a stipulated time period. An added advantage of debt calculators is that they let you know how much you can save by the debt solution you are opting for.
4. Budgeting software: If you wish to formulate a budget so that you can regulate your finances and get out of debt, you can take help of budgeting software available online. These free tools help in simplifying your budget. Some of the tools are online applications and some of them are downloadable. Every person has different needs based on that you can choose from the various types of budgets available. After you have formulated a budget it will help you stay out of debt.
5. Debt related websites: Some websites provide you with tips on how to manage your debt. They are designed to give you information and updates on options that you may take advantage of in order to minimize debt. They give suggestions as to how you can eliminate debt and gain financial success.
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