Managing debt is one of the most difficult tasks people have.  It is easy to overlook a credit card bill one month and a car payment another month if you have multiple credit accounts.  Overlooking a bill is a mistake that occurs when a person does not have a good system to ensure all bills get paid on time every month.  Being lackadaisical about debt gets individuals into trouble, harming their credit score and leading to the accumulation of more debt in the form of higher interest rates and late fees that are avoidable.  Young adults tend to be less cognizant of debt, and do not really know just how much they spend each month, and they may not be focused on the necessity to adequately manage their debt.

Options for Managing Your Debt

There are simple ways to ensure you have a good handle on your debt.  Businesses typically use software like Quickbooks to track the business’ finances.  This software program is also available for individuals, and the learning curve is relatively low, as the program can directly extract your credit account information without the need to manually input numbers. 

You also can create your own system or chart that lists the due dates of each of your bills, what the payment amount is for each bill, and when the payment is due.  This helps to ensure you can cross a bill off the list after you have paid it.  Further, including your total balance of the credit card or loan on your chart will remind you of how much overall debt you have.  This may help you place more emphasis on getting your debt paid off as quickly as possible.

Another, very easy thing you can do to ensure your monthly bills are paid is to set up auto-pay for each of your accounts.  This eliminates the need to remember to pay your bill by the due date.  It can give you piece of mind that you will not be incurring any late fees, and that you are a creditworthy consumer.

Additionally, if you are able to make the due date for each of your bills on the same day, or around the same time of the month, you will know what to expect month after month.  Having multiple due dates makes it difficult to determine how much money you have at any given time.  For example, if all of your bills are due on the first of the month, you can easily calculate this to determine what money you have left over.  If you have a handful of due dates all throughout the month, you may be constantly worrying about whether or not you have enough money in your bank account to make your payments.

The above are quick and easy options for helping you manage your debt, and aside from using a software program like Quickbooks, if you choose to do so, it doesn’t cost you anything to take charge of your debt.  The sooner you are able to formulate a debt management plan, the sooner you will reduce the financial stress that is an inevitable byproduct of having debt.

Contact Kansas City Bankruptcy Attorney Douglas Breyfogle to Schedule a Free Consultation

 If you are struggling with debt or simply have questions about how to manage debt, you should consider how a Kansas City Bankruptcy and Debt-Relief Attorney can help you.  Your attorney can give you suggestions on how to eliminate your current debt and how to formulate a financial plan for the future so that you avoid the accumulation of unnecessary debt.  With more than twenty years of experience, Douglas Breyfogle is a Kansas Bankruptcy and Debt-Relief Attorney who helps Kansas City consumers and debtors on a regular basis.  He provides his clients with the guidance and tools they need to overcome debt and learn how to make the right financial decisions.  If you would like to speak with Douglas Breyfogle about your current financial situation, contact our office today by calling (913) 742-8700 to schedule your free consultation.