Managing Debts More Proactively With A Financial Advisor

In the Virgin Islands, financial advisors identify more proactive solutions for managing debts. A major problem that most consumers face is the inability to manage their debts and avoid late fees. If the accounts are mismanaged, the consumer falls further into debt and may require a bankruptcy claim. A local financial advisor offers a better solution for outstanding debts.

Identifying All Negative Listings

The financial advisor starts by assessing all negative listings on the consumer’s credit reports. Negative listings have a lasting impact on the consumer’s credit rating and their ability to set up new lines of credit. Debt collector listings and overdue loans often limit the consumer’s buying power and could prevent them from purchasing a home or an automobile.

Negotiating With Creditors

The next step is to negotiate with creditors to eliminate negative or charged off accounts from the credit history. Settlement offers are available through some creditors and could reduce the total balance significantly. In some cases, the consumer pays less than fifty percent of the total balance for the account. Once the payment is sent, the consumer submits a request to remove the listing from their credit reports.

Setting Up a Better Payment Plan

The financial advisor reviews all current payment plans and determines if the consumer could afford to pay a little more each month. The plan provides an earlier payoff date for smaller debts and reduces the total amount of interest paid. The payment plans could also help some consumers avoid bankruptcy.

Following the Right Budget

The right budget enables the consumers to manage their current debts more proactively and lower the risk of foreclosures and repossessions. It also provides better solutions for saving money for future endeavors. The advisor identifies savings accounts that generate higher interest for the consumer and have the greatest payout over time.

In the Virgin Islands, financial advisors create a better solution for consumers who need better debt management. The solutions start with the elimination of negative debts that appear on the consumer’s credit report. Next, the consumer pays off debts through settlement offers. A new budget is also created to help them save more money each pay period. Consumers who want to learn more about the debt solutions contact David Johnson Cane Bay right now.