Debt is said to be as old as commerce. It must be older than money though because back in the barter trade era, a farmer who took a sheep from a shepherd with the promise of giving him a bag of grain when the harvest came was actually getting into debt. Somehow debt is just one of the many paradoxes of humanity. We cannot afford to live without it, nor can we afford to live with it. The only thing we can hope to do is to best manage debt.
Today, everybody has got some form of debt, which he or she is either paying off comfortably or really struggling with. Debts come from everywhere, the car loan, the mortgage, tuition fees, store cards, credit cards, bank loans, and so on. Managing one’s debts can be easy with prudent spending habits or sound advice. When debt becomes overwhelming, a person may need to rely on something like a debt advisory line.
These kinds of products help people who are finding it hard to get out of debt attain and maintain manageable debt levels, which they can eventually eliminate. Usually, after reviewing a person’s finances, the debt management company devises a workable solution based on individual circumstances. Some of the other solutions could entail:

  • Detailed measures of avoiding bankruptcy,
  • Provision of debt consolidation avenues,
  • Informed negotiations with creditors on behalf of the debtor to make repayment affordable,
  • Guidance on how to enter the individual voluntary arrangement (IVA),
  • And if the situation is outright hopeless, advice on how to declare or file for bankruptcy.

Not to be confused with debt settlement, a debt management company who might offer a debt advisory line, offers an informal debt assistance arrangement between the debtor and his or her creditors. From such arrangements, the debtor can again be able to continue repaying the debts in affordable monthly payments to all creditors. Also to note is that these debt management solutions are suitable mostly to those people who even though they are struggling with their debts, can only manage to make some contribution towards it.
The benefits of a well prepared debt management solution are welcomed by both debtors and the creditors. Nobody wants to live his or her whole life in debt just the same way as nobody wants to lose investments through defaulted credit. Debt advisory lines may be a solution and that would be based on individual situations.