There are some simple steps and tips you can take to manage and reduce your debt. Setting up a budget can be a great tool that can help you know where your money is going and how much you have available for any unexpected expenses. Create a realistic budget that you can stick with and allow yourself some extra “wiggle” room. Once you’ve decided on taking out a personal loan, always make sure you are fully aware of what you are signing and don’t hesitate to any ask questions. It is important to consider factors such as how much you want to borrow, the length of repayment, and the cost of the loan. If you plan on paying off early, make sure there is no prepayment penalty for example.

Make a plan to reduce any debt and follow through with it. Identify which of your debts charges the highest interest rate. These are the debts you want to focus your attention. If possible, make larger repayments in order to pay these down faster. Pay more than the minimum. If you feel your payment will be late, contact your creditors and explain your situation before you get behind. Creditors are usually willing to help you if you notify them before you fall behind. Your creditors may be able to help you work out a new repayment plan or have other options to help you. Maintaining a close relationship with your creditors can go a long way in helping when hardships arise.

Above are just simple basics that you should use to help manage and reduce your debt. Follow the links below for more suggestions.

Check your credit report

It is important that you check your credit report regularly to make sure the information is accurate, complete, and up to date. It is suggested you check your credit report at least once a year. Visit Annual Credit Report to view your credit reports today.

Buying a used vehicle?

  1. Used Car Buying Guide
  2. 14 tips to avoid a lemon
  4. CarFax

Educate yourself about Personal Loans

  1. Personal Loans 101
  2. Understanding Vehicle Financing

Educate yourself about North Carolina and the Consumer Finance industry

Resident Lenders of North Carolina

Association for Installment Lending

Organization for Responsible Lending

North Carolina Commissioner of Banks