Many people in today’s economy face a seemingly insurmountable mountain of debt. Debt Line, a U.K.-based debt management company, advises consumers that there are a few ways to protect themselves from bad debt practices.
The first and best method of dealing with debt is, naturally, prevention. Although most people can’t avoid debt completely – whether it’s in the form of credit cards, auto loans, home loans or business loans – it’s important to avoid dangerous debt. Debt Line warns consumers that they should be aware of their rights when they take out a loan, whether they’re taking the loan out from a bank, credit card, payday loan center, or any other form of loan.
If you have already accrued debt, you should be aware of best practices that the debt collection companies who are calling you may or may not be following. Having amassed debt is no reason for people to try to bully or intimidate you.
British consumers should make themselves aware of what the Office of Fair Trading considers appropriate methods for debt collection and what constitutes physical and psychological harassment. Inappropriate methods of collection range from pressuring debtors to raise funds by selling their property or taking on further borrowing to multiple businesses seeking to recover the same debt at the same time.
Debt Line helps an average of 20,000 people across England, Northern Ireland, Scotland and Wales manage their debt each month. With the help of a good advisor, people who have accrued mass amounts of debt can start getting their finances under control, end the phone calls and bills, and start living a normal life again.
Consumers who are interested in the full guide to debt and the useful insights that this professional debt management company has to offer can download it from the Debt Line website.
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Edited by Braden Becker