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4 Good Sources for Debt Management and Eradication

While much has been written over the years about eradicating debt, some of the advice out there is better than others. Given the stakes, it’s advisable to avail yourself of the best information you can find as soon as you are able.

It’s important to remember that just as the problem didn’t accrue overnight, solving it will take a bit of time as well. With that said, availing yourself of sound counsel as early as possible will make the process easier and forestall potentially costly mistakes.

Here are four good sources for debt advice.

The Federal Trade Commission

At Consumer.FTC.Gov you’ll find comprehensive advice regarding helping yourself get out of debt, including debt relief services, debt consolidation and filing for bankruptcy. Information is categorized based upon the level of debt in question, the discipline with which you’re capable of mustering and your prospects for the future. The site directs you to materials regarding budgeting, contacting creditors, dealing with debt collectors and managing secured debt like mortgages and auto loans. The various forms of debt management, counseling and relief are also discussed, exploring the pros and cons of each method.

Suze Orman

While she is better known for her wealth building advice, Orman’s SuzeOrman.com site has a tough love section on dealing with debt. She also addresses the subject in her book, The 9 Steps to Financial Freedom, with a step-by-step plan. The book goes into considerably more detail than her site, but the basic framework of debt management on SuzeOrman.com is a good place to start. She begins by advising the destruction of all credit cards—save one. Of course, with online shipping, you’ll also need to pull them off of sites that may have the numbers saved. Her platform also offers information regarding credit bureaus, FICO scores and finding the cards with the best (read lowest) interest rates and fees.

American Fair Credit Council

Though the organization does not offer direct debt advice, it is one of the best resources available for finding reputable debt relief companies with which to work to eradicate your debt. To be accredited by the organization, American Fair Credit Council (AFCC) members agree to abide by a strict code of conduct, ensuring they operate with the highest level of compliance, transparency and integrity. AFCC-Certified Consumer Credit Advocates negotiate reductions of balances owed and design affordable repayment plans to help consumers get back on the road to solvency. Board member Andrew Housser says the Council’s mission is first and foremost to focus on the needs of the consumers the debt settlement industry serves and ensure its compliance with Federal Trade Commission regulations.

Dave Ramsey

Having cultivated a reputation as America’s debt expert, Ramsey became a millionaire by the age of 26 and lost it all because of bad debt decisions. This made him seek to develop a clearer understanding of how money works. In the process, he says he came to realize his money problems, worries and shortages largely began and ended with himself. The author of several books and the host of a nationally syndicated radio show on the topic, Ramsey is credited with the invention of the debt snowball method of paying off debts. He is also regarded as one of the foremost authorities on avoiding debt and dealing with it after it accrues.

Finding yourself in more debt than you can manage can be quite alarming. The good news is you’re not the first person to tread the path. Availing yourself of these four good sources for debt advice will help you determine the best way forward for your particular set of circumstances.

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