4.6 Managing debt

In this section:

• 4.6.1 How to manage your debt
• 4.6.2 Ways to avoid debt problems
• 4.6.3 Tips for managing debt
• 4.6.4 Video: Tips for managing debt
• 4.6.5 Serious debt problems
• 4.6.6 Credit counselling
• 4.6.7 Consolidation loan
• 4.6.8 Other approaches
• 4.6.9 Case study: Fixing debt problems
• 4.6.10 Credit balance insurance
• 4.6.11 Advance fee loans
• 4.6.12 Choosing to invest or pay debt
• 4.6.13 Borrowing to invest
• 4.6.14 Summary of key messages

Introduction

The best course of action is to keep your debt to a minimum. When you manage your debt, you are more in control of your finances and your life.

But sometimes debts pile up, and they can feel like a heavy burden. If you do have a lot of debt, there are things you can do to reduce your burden.

This section is about managing debt. In it you will learn:

• how to recognize if you have a problem with debt
• how to keep your debt under control
• the best ways to pay off your debt
• what to do if you get into serious trouble with debt.

By the time you finish this section, you will have tools and information to help you manage your debts better, get out of debt and get help if you need it.