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Published on October 21st, 2013 | by Pete

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What you need to manage your debts online

Financial difficulties are a major problem for all of us at present, but thankfully managing them has never been easier with the continued dominance of the internet. But what exactly do you need to take care of your finances in the digital sphere?

An online bank account

Quite obviously, an online bank account is top of the list of things you need when it comes to managing your debts online. Most, if not all, banks are currently set up with their own websites and account management systems. As their customer, you are entitled to monitor your accounts on the internet.

Features you should look for in online accounts include the ability to make transfers or authorise payments as well as options for changing or opening new accounts. You may still need to visit a branch to produce relevant documentation for anything involving account closures or openings but you should find at least a few options available to you online.

If you’re intending to use your online banking for debt management then you may want to see if you can restrict the access you have to online payment systems in order to limit your spending.

A clear idea of what you want

As with any form of financial management, there is no point starting this system if you don’t know what you want to get out of it.

Whether it’s simply the ability to go paper-free and check in on your accounts more often or you have a stricter budget in mind, setting out a clear idea of what you want is necessary if you want to be successful.

A stable internet connection

Last, but by no means least, you need to ensure that your internet connection is able to cope with the demands that you’re going to place on it. Switching your accounts to an online platform will be rendered redundant if you’re unable to access them when you want to.

In order to establish whether your current connection is up to the job you need to look at things such as your broadband speed. If you’re with BT then you can perform a test to discover your BT internet speed and then use this information to evaluate the internet performance.

If you feel the speed is lacking then it is worth discussing the issue with your provider as it may be easily rectified.

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