A large number of consumers are entrapped in the debt maze today because the present economic set-up makes it easy for everyone to get loans. As people continue to delay payments, accrued interests soar up to make outstanding amounts much bigger than they ever expected them to be.
The Federal Trade Commission is no doubt one of the best sources for professional debt management assistance as well as valid information. A debtor should be well aware of his rights and that’s where the FTC can help a great deal.
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9. Negotiate with your creditor:
8. Create a crisis fund:
7. Focus on high interest debts first of all:
6. Do not use any credit cards:
5. Make the best use of mortgage breaks:
4. Swap funds from low interest to high interest accounts: