subject: Too Much Debt? - Important Information To Protect Your Money If You Are In Debt [print this page] If you are in debt, one of the first things you might want to think about is your bank account - for four different reasons. First, in many states, creditors can get judgments against you in a court of law, and when they have a judgment, they can essentially take the funds in your checking and savings accounts - leaving you completely broke.
The second reason that you need to consider your banking options when you are in debt is because the fees that you are paying for those accounts can easily prevent you from getting out of debt as fast as you would like to. Are you getting the best deal when it comes to checking and savings accounts? Are you required to have a minimum balance? Understand what banking is actually costing you, in terms of money, and then start shopping around for a better deal. Banks offer tons of 'features' with different accounts, but when you are trying to get out of debt, all you really need is a basic checking account and savings account, without any frills.
The third reason that your bank matters when you are trying to get out of debt is that the bank can actually help you. Although you do want a basic account, you need to see if you can regularly have funds moved from your checking account to your savings account. There are also programs available that will round up what you spend with your debit card, and put the change into your savings account. Both of these features will help you to save the money that you need to get out of debt much faster.
The final reason that your bank matters is because you can stop using credit cards for purchases, and instead use your debit card. This means that if you do not have the funds to pay for whatever it is that you want to buy, you will have to wait. The benefit of this is that you aren't getting further into debt.
Debt settlement companies are so popular right now for a reason. The reason is that almost everyone is in debt and credit card companies are very concerned about collecting. They are being forced to agree to generous debt settlements and you as the consumer should take advantage of this.
For a legitimate debt consolidation or settlement company in your area check out the following link:
