Debt Relief: Research Reports

Credit Management Summary by Ryan Woods

For those who need assitance managing their credit there are a variey of choices and options out there. In an article by Hispanic magazine, financial author Julie Stav explains what a FICO score is, how credit bureaus calculate it, and steps on ways to improve your score. An article by U.S. News and World Report states the following steps to keep this score manageable:

1) Pay bills on time. 2) Pay down debt. 3) Maintain long-term credit relationships. 4) Do not apply for too many loans.

A great self-help guide to consider is Repair Your Own Credit which instructs debtors how to repair their credit and how to reestablish credit. It also lists organizations that will either give people free assistance or charge a very low cost to help someone stay out of debt. In NEA Today, they also refer to some credit management agencies such as Equifax as well as warn people about credit repair clinic rip-offs saying they do not do anything that you cannot do yourself.

Debt Consolidation

When the topic of debt management and relief comes up, consolidation is usually one of the words that follows. Many experts agree that debt consolidation is a good idea when it seems a person is getting too deep in debt. Some things to to to determine if debt consolidation are to:

1.) Evaluate where you stand with your debts.

2.) Don't wait until you're in over your head.

3.) Be sure to understand how debt consolidation truly works.

Numerous experts also agree that a nonprofit company is the best way to go for premium terms. Also, no matter if they are for-profit or nonprofit, one should gain as much information as possible about the company before dealing with them. Futhermore, ensuring the institution you desire help from works with those you owe. Checking their status with the Better Business Bureau is a great idea. However, there are many different opinions on how to go about this. One common opinion is that only school loans should be consolidated, and this is only because of the enormous necessity of a college education.