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Debt management is a process by which consumers schedule repayment of outstanding debt that has accumulated and proven to be too much to pay back in a timely manner.

The first step to overcoming a debt problem is to realise that the problem exists. Understand that the longer you have debt hanging over your head, the more money you will waste on interest charges. Next, you must get serious about clearing the debts if you are to make any headway; no more putting your debt problems to the back of your mind hoping they will disappear. The reality is that dealing with debt and living within your means is an exceptionally simple task, all it takes is a little reprogramming of the way we treat money.

Consider how you came to be in debt in the first place. For most poeple the problem lies in living beyond your means, spending more money in a year than you earn. For others, the problem has arisen because of unforseen circumstances; perhaps you've lost your job or had unexpected medical bills. Regardless of the cause, similar techniques are needed to remedy the problem.

The following steps will help to get your debt problems straight, allowing you to take more constructive action in clearing your debts.

  • Make a list of all your outstanding bills and debts, then a list of your monthly incomes.
  • Prepare a budget.
  • Start keeping track of all the money you spend each month. This may not seem like much fun but getting out of debt can be hard work, and this will pay dividends very quickly.
  • Start to search for areas in your life where you can save money. There are a multitude of websites available that will guide you with this.
  • Get to the stage where you are spending less than you earn each month, using the extra cash to pay off your debts. Start by paying off the highest interest debts, such as credit cards, first.
  • Speak to a professional.
First Global Bank
First Global Bank Limited (FGB) is a wholly-owned subsidiary of GraceKennedy. The bank started in 1970 as The First National Bank of Chicago (Jamaica) Limited and was in 2002. FGB operates one of Jamaica’s best online and mobile banking platforms called Global Access, 8 main branches located in the urban areas of New Kingston, Downtown, Manor Park, Liguanea, Portmore, Mandeville, Ocho Rios and Montego Bay, and is expanding its reach into smaller communities island-wide with mini-branches and banking agents called First Global MoneyLink. 
Contact Info
  • By phone: 1-888-225-5342
  • By e-mail: fgb@gkco.com
  • Fill in the form on our contact page
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