What is debt management – and how can it help you get back on track?

Being in over your head with debt can feel completely overwhelming. It doesn’t just affect your bank balance, it can create stress, impact your relationships, and affect your future plans. The good news? Debt management can help you take back control, reduce financial stress, and start rebuilding your confidence.

What does debt management actually mean, and how can it help you? 

Put simply, debt management is a structured approach to handling debts more effectively. It’s not a single effort, it’s a multi-pronged approach that could include budgeting, debt consolidation, negotiating and restructuring. 

Debt management looks different for everyone, but whatever your situation, the goal is to reduce stress, save money and get back in control of your finances. It’s about having a clear plan and the right support to improve your financial position. 

4 signs you might need debt management help

Wondering if you need help with debt management. Here are a few signs you could do with some help:

• Struggling to make minimum payments
• Constantly using credit to cover essentials
• Receiving calls from creditors or debt collectors
• Feeling anxious or unsure where to start
• Avoiding answering calls and emails chasing payment

How does debt management work?

Here’s a step-by-step guide to debt management: 

• Step 1: Assess your current financial situation (income, debts, credit score).
  
• Step 2: Review your options, including repayment plans, negotiation, or consolidation.
  
• Step 3: Work with a professional to create a manageable, tailored debt management plan.
  
• Step 4: Make changes (restructure debts, adjust spending habits).

What Fix My Credit can do to help with debt management

At Fix My Credit, we offer a variety of financial services that can help with debt management in Australia. Our key offerings include: 

• Debt negotiation: We talk to your creditors to reduce or pause repayments.
• Debt consolidation: Combine multiple debts into one easier-to-manage repayment.
• Credit repair: Help remove defaults, judgements or black marks that may be affecting your credit score.
• Budgeting support: Guidance to keep your finances on track long-term.

The benefits of professional debt management

There are many benefits to professional debt management services, including reduced financial stress, lower interest and fees, an improved credit score over time and a clearer pathway to becoming debt-free. It’s a way to regain a sense of control and confidence in your financial future. 

When to reach out for help with debt   

The earlier you reach out for help with debt management, the better. You don’t have to reach your lowest point to start looking for help. Professional advice from a company like Fix My Credit can help prevent your debt from getting worse. 

To take control of your debt and discover your options, contact Fix My Credit today for an obligation-free quote for personalised support that gets results.