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Which Debt Management Tools Are Best For Me?

debt management tools

Are you looking for debt management tools to help you address your debt? Managing debt is crucial to becoming financially free, and there are a lot of optiosn to chose from. The trick is finding the best debt management tools for you, and then sticking with them!

When you start looking for tools to manage debt, you’ll find a lot of different options. Here are some of the most important features to look for.

Debt Management Tools -- What to Look For

Look for a Strategy That Works For You

Not all debt is the same -- and there are a lot of different options that can fit your financial situation. For example, a high-balance, high-interest credit card could be your first priority because you’ll save money on interest payments by eliminating that debt first. However, you may be someone who would benefit the most from the morale boost that comes from paying off the smallest debt first. Perhaps you’re struggling with unsecured credit card debt, and you need a solution to help. Or, you may be dealing with student loan debt -- and there are different options to consider. You won’t use a tool that doesn’t fit your needs, so make sure it’s something that you can work with!

Look For Security Protocols

Staying connected to your accounts is important, but the privacy and security of your personal financial data is a necessity. Does the tool you choose encrypt their data? Do they have policies in place to protect your information? Do they have a data security and privacy policy that is easily accesible to consumers? It’s important to do a bit of homework and read the fine print to make sure that your data is protected.

Look For Mobile Access

Not that many years ago, mobile access or a Mobile App would have made the “bells and whistles” category. In other words, it wouldn’t have been necessary. Today, though, everything happens on-the-go, and managing your debt on the bus, in class, or between errands is a huge benefit. So when shopping for debt management tools, you’ll probably want one that has a great mobile application to keep you connected, wherever you are.

Look For Budgeting help

Getting out of debt is pointless if your spending habits don’t change. Paying off debt and then falling into the debt trap again is a common cycle for those who aren’t committed to working a budget. If you’re using a tool to help you manage your debt, make sure that a budget and ongoing budgeting support is part of that plan. It’s possible to learn how to make your money work for you instead of you working for your money -- and a budget is the first step!

Look For Education

When people are looking to get out of debt, they are all typically looking for the same end result: financial freedom. Financial education is an important part of financial freedom. When you know the ins and outs of budgeting, saving money, financial goal setting, preparing for retirement and how to manage credit and debt, you’re one step closer to reaching your goals! Look for a debt management tool that will offer continuing financial education in all the areas of your financial life -- not just getting out of debt.

Dealing With Unsecured Debt

If you’re looking for a solution to address unsecured credit card debt, a debt management plan through a non-profit credit counselor may be the best tool for you.

Example of unsecured debts that can be included in a Debt Management Plan include:

Examples of unsecured debts covered in a DMP include:

  • Credit cards
  • Collection accounts
  • Medical bills
  • Personal loans
  • Department store cards

Addressing your unsecured debt with the help of a trusted, non-profit credit counseling agency can help you find debt relief and gain control of your finances without incurring more debt.

If you are experiencing financial difficulty and are looking for a solution, non-profit credit counseling can help you make sense of all your options. ​Contact us today for a free financial assessment with one of our certified credit counselors.

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