Consumer Debt Management Options

consumer debt management options

What is your debt option?

Courtesy of Shelley Swenson
Family and Consumer Sciences Expanded Food and Nutrition
UF IFAS/Wakulla County Extension

By Lisa M. Leslie, Elaine Courtney, Julie England, and Michael S. Gutter2
When a consumer has unwanted debt or high amounts of debt, there are different options that can help eliminate or decrease their debt level. However, it is important to choose the right option. This publication will describe some of the debt-management options that are available to consumers. These include: Do-it-Yourself, Debt-Consolidation Loan, Credit Counseling, Debt-Management Plan, Debt Settlement, Bankruptcy

Nevertheless, with any of these options, if basic money-management skills are not adopted, or if behaviors remain unchanged, debt may be eliminated or reduced only temporarily. Ultimately, a consumer will not be free of debt unless income exceeds expenses and money is set aside to cover unexpected emergencies and expensive purchases. Clcik here to read more about it…

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