Alternative Solutions to Debt Management

Negotiate with your Creditors

An alternative solution to debt management is to speak to your creditors about your situation and come to an arrangement. Explain that you cannot afford the current rates and instalments and ask if it would be possible to lower these and extend the repayment term. National Debt Advisors can even do this for you!

Revise your Budget

Work out what you can afford to pay towards your debts every month.  Start with the most important debts and don’t let creditors talk you into paying more than you can afford. When talking to a creditor, clarify why you are calling and what it is you are requesting. If the individual you are talking to declines your request, ask to speak to a supervisor or manager.

Debt Consolidation

You could take out a big loan and pay off your current debts. This is what’s known as debt consolidation. It is not always the best option for everyone, but in some cases it can be beneficial. You should only consolidate if:

  • The new interest rate is lower
  • The new instalment is lower than the others combined
  • The interest rate is fixed
  • You don’t use credit until the consolidation loan is paid off

Our Alternative Solutions to Debt Management

Debt Counselling with National Debt Advisors

The advice and assistance we provide will provide you with immediate relief and help you get out of debt for good. National Debt Advisors can help you:

  • Regain control of your finances.
  • Draw up a workable budget.
  • Negotiate reduced payments with credit providers.
  • Stick to an affordable debt management plan.
  • Manage your money better.

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