Many consumers are surprised at how quickly mobile phone debt can accumulate. At one time, the cost of owning a mobile consisted of paying for air time each month, according to the terms of a contract, plus the initial cost of purchasing the phone. Today, with the ability to make purchases via the mobile and charge it to the mobile account, consumers can quickly amass a significant amount of phone debt that must be settled sooner or later. In some cases, obtaining debt help is prudent, especially when the amount of that phone debt is over a certain limit.
One of the best ways to deal with this particular problem is to prevent it from accumulating in the first place. When consumers pay off their phone bill debt each statement period, they protect their good credit and minimise the chances of creating a debt that they might soon find themselves unable to pay. Unfortunately, someone who has lost their job and is having difficulty finding a new one may see the amount of mobile phone debt climb each billing period, even as their financial resources continue to dwindle.
When their phone bill debt is threatening to get out of hand, many consumers turn to a debt service or a debt counsellor in order to get some professional debt management advice and regain control of their finances once more. In some cases, this may involve making special arrangements with the service provider that involve immediately ceasing to accumulate more debt on the account, freezing the assessment of interest on the outstanding balance and structuring a series of payments that clear the debt in a manner that is acceptable to both creditor and debtor.
This is sometimes easier said than done, however. Depending on the nature of the purchases of services made via the mobile, the service provider may demand immediate payment. This is especially true if the balance on the account is quite high. In situations of this nature, the consumer may find that in order to manage the debt owed to the mobile provider, as well as other pressing debts, bankruptcy or the implementation of an Individual Voluntary Arrangement may be necessary. By taking one of these options, the consumer has some protection under the court system and can structure the debt in a manner that makes it possible to get past the situation, either by the dismissal of the debt by the court or by being able to repay the debt in a manner that is within his or her currently limited means.
When attempting to deal with debt accumulated via a mobile phone account, it is important to consider all options with care. The ultimate goal is to settle the debt in one way or another, while doing the least amount of damage to your credit rating. While it is easy to get into debt, especially during periods of prosperity, it is often equally difficult to manage debt when the economy enters a downward spiral. For this reason, managing mobile phone debt, along with all other types of debt, is essential if consumers are to avoid having to cope with a great deal of pressure from outstanding debts, when unfortunate financial circumstances do occur.
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