Almost everyone in today’s world is surrounded by if not many but at least one kind of debt. Maximum people are unable to get a car, a house or pay for education without acquiring any debt. Debt is not bad entirely; sometimes you get a debt at a low interest rate that helps you make a high-interest investment. Personal debt comes in several different forms such as mortgage on your house, home equity loans, car loans or short-term loans such as credit card debt etc. The thing that matters is how you manage it. You have to use it wisely and understand it fully. Below are a few handy tips for you that will help you manage your personal debt.

Prevent further debt

The first step to managing your personal debt is to prevent further accumulation of it. Take a control over your cash and examine how much money comes in and goes out every month. Once you get the statistics, work to make a favorable difference between your earnings and spending. The more your income is greater than your spending, the faster your debt will go down. Spending as less as you can is the key.

Consolidate your loans

High-interest loans can be consolidated into lower-interest loans. If you can’t do that then try to pay high-interest loans faster as compared to others. What else you can do is fold all your credit card bills and loans in one loan and pay one monthly payment to help you manage the entire amount that you owe.

Set priorities

If making a monthly payment for all your debts each month is difficult for you, what you can do is give higher priority to debts that you can’t discharge or are necessary such as utilities, student loans and unpaid taxes, the debts that are not backed by property.

Credit card usage

Don’t make an impulse purchase ever on your credit card. If you have cash enough, buy it but we would rather advise to wait a day or two before you buy because chances are you won’t feel the inclination to make the purchase anymore after you wait. Once you get your credit card bill, do not delay and make the payment as soon as you can. Disburse

Savings, savings, savings

Constantly remind yourself to save some money whenever you can. Not just remind but make it happen. Make the amount your emergency fund. Once the fund is set up, start paying off the debts. Which ones to pay off first? It’s not that of a problem. Paying off debts with higher-interest rates will benefit you more but paying the smaller-interest rate ones will kick-start the ‘snowball effect’ earlier.

Consult a credit counselor

Sometimes, one’s finances get too much complicated to be handled alone by you. In that case, you can consult a credit counselor. A counselor not only helps you manage your finances but also negotiates with creditors on your part to lower the charges and discard penalties if you have a debt management plan (DMP). The credit counseling agency basically acts as a consolidator that receives the monthly payment from their client (the debtor) and gives it out to the creditors.

Financial difficulty is something that can come upon anyone at anytime, even on the most careful spenders. If the situation deteriorates to the point of no return, then bankruptcy is the ultimate solution. But before that use every resource available to you to make the situation better and not end up on bankruptcy.

Advantages of Same Day Loans


Life gives you surprises all the time; you never know what unexpected bills or last minute costs might turn up, leaving you helpless and out of options if you are running short of money. Any financial emergency such as repayment of a personal debt, money needed to repair damaged possession or anything, might turn up requiring you to obtain funds instantly. In that case, same day loans does wonders for you since the money is transferred to your account within minutes after you apply for a same day loan. Thus, you get the money on time and are able to pay the bills, therefore avoiding disconnection and reconnection charges and all the trouble.

How and where to apply for same day loans is not a big deal as you may come across many popular lenders like Top Logbook Loan and many others who offer same day loans. Here, we are going to list a few advantages of same day loans for you.

Instant cash

The catch with the same day loans is that they are quick to get and you receive instant cash within a few minutes of applying. The provider doesn’t care what purposes you need the money for as long as you are eligible to apply. Also, you actually get to spend the cash right away on anything you want to, thus giving same day loans a leverage over credit cards.

Easily acceptable

Another great advantage of a same day loan is that they are easy to be eligible for. You do not necessarily need to have a good credit score in order to be eligible. All that the lenders need is a proof of the fact that you get sufficient income every month and haven’t defaulted on any payday loan prior to that.

Flexible loans

Same day loans are basically short-term loans which you can easily return once your next paycheck arrives. They are flexible and you can use the money for whatever you want to unlike other loans such as mortgage or car loans etc.

No collateral

Unlike other loans that require collateral such as a car or house, same day loans don’t require collateral at all. Basically, these loans are designed for people who can’t provide additional collateral.

Information remains protected

Your banking and personal information is kept confidential while you apply for cash loans such as same day loans, therefore, you don’t have to worry about your credentials getting out.

Amount lent

Unlike other companies, same day loan companies provide amount as low as $200, thus you don’t have to borrow big amounts if you don’t need it. Also, the amount is lent considering your income so that you can easily pay the loan back and thus prevent yourself from falling in debt.

Convenient timings

Same day loan companies are very easy to deal with. The timings are convenient and flexible unlike the banks. For example, you can find a same day loan store open till 8 at night and get instant, emergency cash within a few minutes. Also, you can apply online on their websites within the comfort of your home.

Considering all these advantages, it is safe to say that nothing works better than same day loans for you in an emergency situation. Just be aware of all the terms and conditions before signing the contract and be sure that you can return the loan with ease later.


Post 4

People unable to manage their liabilities, loan payments and other financial problems can apply for specific relief and bailout packages based on their financial situation. One of the debt relief options is setting up a debt management plan (DMP) with your creditor. It is an informal agreement between you and your creditor that helps you get your financial situation back in a stable state.

What makes the DMP work so effectively?

In order to fully understand how the system works, we have to grasp some basic concepts of money management.

  1. The Debt Management System is designed to help people function financially at their optimal best. No financial system in the world wishes for valuable consumers to go bankrupt or reach a state of financial distress where they are unable to live a proper life. Always remember, no bank, lender or financial institute wishes for its consumers to go bankrupt.
  1. People run the risk of being bankrupt when their inward cash flows turn negative. Cash flows can easily become negative when your current liabilities are more than your current assets. In case of current assets, it is also important to note the value of liquid assets that you have. In case you have assets that can be liquidated with ease, your cash flow can remain positive for a longer duration.
  1. Loans accumulate over time with compound interest. Long term loans where you have to pay monthly installments can become more difficult to pay back if you miss your installments. For the case of most consumers, if they miss their installments, the interest rates increase and paying back those loans become harder. As the compounding increases, it becomes even harder to pay it back making the financial situation of the individuals extremely volatile.

Now that we have understood that financial institutions wish to prevent people from going bankrupt, we move to the next step where we go into detail about the services that the Debt Management System has to offer to the consumers.

  1. Education and Training: Getting the right financial advice is priceless however not all people have access to financial information. Often most consumers make decisions with either limited information or unauthentic information. Debt Management System (DMS) provides consumers with the right guidance and training making it easier for people to carry on difficult decisions.
  1. Financial Budget preparation: The experts at DMS provide complete budget planning for individual customers. This involves rigorous and comprehensive financial exercises resulting in financial statements for individuals which can rival mega corporations. The end point of these statements is that the negative balance is identified. Negative balance is the difference between your earnings and expenses and is carried out after making comprehensive calculations on all your primary monthly expenses. These include credit card payments, student loan payments and all other expenses that you accrue every month.
  1. The Approval: This “delta”, the difference between earning and spending is then used to create a relief plan for each consumer. Once the relief plan is generated, it is conveyed to all the creditors and formal agreement is reached upon. The DMS continues to work until all the liabilities are paid.

Benefits of a DMP

Apart from living a higher quality of life and getting a major financial tension taken away, the DMP also offers

  1. Decreased interest rates for outstanding credit card payments
  2. Decreased monthly installments and payments
  3. Removal of late fees and fines from various payments
  4. The termination of collection related actions and activities that could harm your potential goodwill.



Life is unpredictable. You never know when a tragedy might strike and you may lose your job and thus miss out on your payments. Or some other unexpected expenditure comes your way, making you go off the track and increasing your debts. If you don’t take necessary precautions, the debts keep piling up until it reaches a point when it becomes a real big problem for you. So, it is better to control your desires and avoid getting into heavy debt rather than spending extravagantly and coping with stress later.

Below are a few tips that can help you avoid falling in debt.

Make a budget and follow it religiously

For starters, make an overall personal budget and follow it as if your life depends on it. Write down all your sources of income and expenditures for each month. Don’t forget to make space for other expenditures like insurance, licenses, holiday spending etc. This way you will have a clear idea of how much to spend in order to stay within your limits.

Avoid unnecessary spending

You might have heard this one a lot and yes, we know it’s so not the latest cool thing to do as it is termed as ‘no fun’ but if you really want to stay out of debt, start living within your means. Don’t spend extravagantly, focus on your needs. Buy something only if you have enough cash at hand to buy it otherwise falling into debt to satisfy your overstated lifestyle is not worth it. Go through your budget and cut back on all those spendings you do not necessarily have to do.

Be careful with the credit

If you are a credit card user, you need to be really, really careful while using it. Credit should not be used to buy stuff you otherwise can’t afford and even if you do, make sure you have enough money to make full credit payment by the end of each month. Otherwise, the debt will increase with interest and other charges and before you realize, you will be in heavy debt.

Limit possessions and living space to need-only basis

Give away all those things you really don’t need and buy only what you need. This will save you a lot of money that can be spent on causes worth spending.

Stop thinking about society and people

This is probably the most important thing you need to do because mostly people end up spending more than they should because they want to meet high standards of society. Becoming a people pleaser won’t get you anywhere except leaving you in debt. Stop caring about societal standards and just fulfill your needs. This way both your financial state and mental state will remain stable.

Recovering from a bad debt situation is a very tiresome experience; therefore you should try your best to follow these tips if you don’t want to fall in debt trap. It might not be possible for everyone but even a bit of effort to sustain your financial situation would do you nothing but good.



Not sure about how to react when a debt collector gives you a call because you didn’t pay your bills? Like everyone else, do you start panicking and ignore the calls and letters? Doing that might keep your anxiety at bay for a while but it’s harmful for you in the long run. What you need to do is to learn how to deal with the debt collectors rightly. You must take this as an opportunity to get back on track instead of a source of depression. We have compiled a few tips for you to help you deal with a debt collector’s call.

Demand a written notification

The first and foremost thing you need to do is to ask the debt collector to send you a written notification or documentation. According to law, this notice should be issued within five days of calling.

Be polite and don’t ignore

The rule of thumb here is not to ignore debt collectors at any cost but talk to them politely and keep a calm demeanor. Talking rudely or ignoring would aggravate your situation even more. It may force the debt collection agent to become less interested in helping you out.

Keep proper record of your every interaction with debt collector

Once you start communicating with your collector, it is a good idea to keep notes of everything. Keep record of every phone call or email you ever exchanged with the debt collector and even note the outcome of it. Also, keep a copy with you of the documents or emails you send to them.

Don’t let them harass you

Debt collectors are obliged to follow certain restrictions when it comes to communicating with client. They are not allowed to threaten or abuse you or discuss your debt with someone else. So, use the law against them and don’t let them intimidate you. If they still harass you, report them.

Keep a watch on your credit report

Get your credit report history and go through it thoroughly. If you see any mistakes or something suspicious, it is a good chance to dispute the debt.

Avoid giving out personal information

You have to be strictly vigilant while dealing with a debt collector. Do not ever give out any personal information like your bank account/social security/checking account number. Keep the conversations as professional and concise as you can.

Make negotiations

When you know that the debt is legitimate, try to find some middle ground with your debt collector. Work out a payment plan with the collector or try to negotiate for a low lump sum payment. Sometimes when the debt is huge, the creditors may agree to let you pay 40 to 60 percent of the original amount owed. All in all, it really comes down to your creditor and how cooperative both the parties are.