Coface Collections North America (CCNA) provides a section in the online Debt Reduction Guide for consumers to learn how to deal with money issues. Many tips are provided depending on the debt reduction situation the consumer may be dealing with.
Consolidation
One tip the CCNA can step you through is consolidating all your debt into a single monthly payment and one single low interest rate. Your situation, particularly how many high-interest-rate accounts you have, will determine whether this is a viable tool for reducing your debt.
Negotiation
Communicating with your creditors and explaining your situation to them can help lower monthly payments required in some situations. The CCNA section of the Debt Reduction Guide can explain how to write letters to your creditors and keep records on all communication.
Paid Help
If you feel you need professional assistance, CCNA can direct you down that road. The CCNA portion of the Debt Reduction Guide also provides articles about debt reduction that is lawyer-assisted, how to find a professional credit counselor, and grants that are available to help with debt reduction.
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