Managing debt can be difficult and discouraging, but it has to be done if you want to reach your financial goals. (This isn't a case of ignore it and it will go away, and nearly 66% of the Americans who stress about money have difficulty just opening their bills.)
While our most important piece of advice would be to communicate with your lenders if you're struggling, the following tips can help you manage your debt and credit score.
- Be aware of your monthly payments and include them in your budget. (This may seem obvious, but many forget to include debt payments in their monthly budget.)
- Pay your bills on time. This is the single most effective step you can take to protect your credit score. As an added bonus, it helps you avoid costly fees and late charges.
- Have you reduced the interest rate you’re paying where possible? Compare your current credit card accounts to others to see if you qualify for a card with better terms or a lower interest rate. Does debt consolidation make sense? (You might want to talk with a Personal Banker to find out what you can expect.)
- Protect your credit information - no one wants to become a victim of fraud. Keep a central record of all your accounts and the numbers to call if a card is lost or stolen.
- Never give your personal information over the telephone to vendors who call you. (This includes your checking account number, credit card numbers, passwords, or other account information.) Only give this information if YOU initiated the call. If someone calls you to request this information, call the company back using a number you have one file, not a number the caller gives you. You'll receive very few, if any, legitimate calls requesting personal information. CSB will never place a call requesting your account or personal information.
The views, information, or opinions expressed in this article are solely those of the author and do not necessarily represent the views of Citizens State Bank and its affiliates, and Citizens State Bank is not responsible for and does not verify the accuracy of any information contained in this article or items hyperlinked within. This is for informational purposes and is no way intended to provide legal advice.
