3 Expert Tips for Managing Debt in a Turbulent Economy

Tough financial times can leave anyone feeling overwhelmed by debt, but there’s hope for a fresh start. Managing debt effectively starts with the right strategies and expert guidance. Freedom Debt Relief’s President, Sean Fox, shares actionable tips to help you take control of your financial future.

What is debt relief?

A debt relief program offers the expert support, tools and resources you may need to take control of overwhelming debt. Professional debt negotiators work with your lenders and creditors to adjust the terms of your debt, which could make it easier to manage your financial and legal obligations. When done correctly, it could lower the total amount you owe and help you get rid of debt faster.

Below, Sean Fox, President of Freedom Debt Relief, shares three expert tips for managing debt in a turbulent economy.

Expert Tip #1: Understand your debt situation

Knowing exactly what you owe could be the first step to regaining control.

“An easy place to start is by getting a free copy of your credit report at annualcreditreport.com, which will list all your open accounts and how much you owe,” Fox says. “From there, access your accounts online to get more detailed information like interest rate and payment due dates. This also is a good opportunity to review the details of your credit report and ensure nothing inaccurate is being reported to the credit bureaus.”

Action Tip: Use a budgeting app or spreadsheet to track your debts in one place. This visual overview can help clarify your next steps.

Click here to get started with your free debt evaluation today >>

Expert Tip #2: Prioritize high-interest debts

High-interest debt, like credit card balances, can grow quickly if left unchecked.

“Start out by paying the minimum due on your accounts with the lowest interest rates, then put as much additional money as you can each month toward the debt with the highest interest rate until it’s paid off,” Fox says. “Then shift your focus to the account with the next highest interest rate. Continue this approach until all your debts are paid off.”

Known as the avalanche method, this strategy minimizes the amount of interest paid over time.

Action Tip: While tackling high-interest debts, make minimum payments on other accounts to avoid late fees or penalties.

Expert Tip #3: Explore your debt relief options

If your debt feels insurmountable, consider professional debt relief solutions. This option is especially helpful if you’re struggling to keep up with minimum payments.

“Dealing with a large amount of debt can be stressful and intimidating. A reputable debt relief company can help address unsecured debts like credit cards and personal loans by negotiating with creditors on your behalf,” Fox explains. “An experienced debt relief company will help you create a plan to build up a reserve of funds to pay down negotiated debts, as well as implement a strategy for which accounts to settle first.”

Action Tip: Contact Freedom Debt Relief to explore your options. The consultation is free—and at no risk to you. Your debt consultant will discuss possible debt solutions, including debt consolidation, credit counseling and professional debt relief programs. They will help you find the solution that works for you.

Take the first step today

Freedom Debt Relief knows that successful debt relief starts with finding the right program for your financial situation. They aim to help you understand how debt relief works, explore the available programs, and identify which types of debt can be settled.

Use these expert-backed tips from Freedom Debt Relief as a roadmap, and seek professional guidance from one of their debt relief experts. A fresh start is within your reach.

Click here to get started with your free evaluation today >>

Sponsored by Freedom Financial Network, LLC doing business as Freedom Debt Relief

*Freedom Debt Relief’s disclosures: Freedom Financial Network, LLC, offers various financial products and services through its wholly owned subsidiary, FDR, and affiliates (collectively, “Freedom")), which may be provided by Freedom or other unaffiliated third parties. All estimates for FDR’s services are based on prior results, which will vary depending on your specific enrolled creditors and your individual program terms. Not all clients are able to complete their program for various reasons, including their ability to save sufficient funds. FDR does not guarantee that your debts will be resolved for a specific amount or percentage or within a specific period of time. Nor will it assume your debts, make monthly payments to creditors or provide tax, accounting, legal advice or services. FDR’s service is not available in all states, including New Jersey, and its fees may vary from state to state. Please contact a tax professional to discuss potential tax consequences of less than full balance debt resolution. Read and understand all program materials prior to enrollment. The use of FDR’s services will likely adversely affect your creditworthiness, may result in you being subject to collections or being sued by creditors or collectors and may increase the outstanding balances of your enrolled accounts due to the accrual of fees and interest. However, negotiated results FDR obtains on your behalf resolve the entire account, including all accrued fees and interest. C.P.D. Reg. No. T.S.12-03825. By proceeding, you acknowledge that you may be contacted by one or more representatives of Freedom to discuss options.

The information provided on this page is for educational purposes only and is not intended as financial advice.