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What is my outstanding debt?

Outstanding debt is debt you owe to a creditor or multiple creditors. Outstanding debt can be on a credit card, personal loan, car loan, student loan, or even other types of balances including tax debt. Your debt is considered outstanding until the balance (the amount you owe) is fully paid off.

Why does outstanding debt matter?

The total debt outstanding listed on your credit report impacts your financial stability. While debt isn’t inherently good or bad, debt can create problems if you’re not using it advantageously.

When calculating your credit score, credit bureaus evaluate the amount of debt you’ve used compared to your overall credit limits. If the amount of debt you owe is close to your credit limit, that is likely to have a negative effect on your score. Keep credit card balances low and try not to max out your credit cards in order to keep your credit score high.

Credit bureaus also look at how many times you’ve missed payments, which is why on-time payments are important when you have outstanding debt. If you have too many missed payments, your debt may be sent to a debt collection agency and a debt collector may contact you.

Last, debt has interest fees. When you carry a balance of any type of outstanding debt, whether credit card debt or debt from personal loans, you may pay a high price over time. High-interest debt can be very costly, which is why you should have a plan to pay off debt and only use debt to pay for purchases expected to benefit your life more than they cost you.

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We know there are a million questions to ask, which is why we maintain a strict no-billing policy. As a client, you can ask us about credit cards, debt consolidation, your credit report, anything really, and we won’t send you an unexpected bill. Instead, you make one low monthly payment that fits your budget. By keeping it simple, you can have peace of mind and focus on paying down your debt.

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Why people choose Tayne Law

A debt relief law firm

Personalized Program

Every situation is unique. We’ll work with you to find a solution that resolves your debt and frees up your cash flow.

No-billing
Policy

You make one low monthly payment and will never get an unexpected bill.

Experienced Debt Attorneys

We have more than 20-years of experience providing clients with debt relief.

Confidential & Trusted

As a law firm, our attorneys follow strict client confidentiality. Our services are discrete and effective.

Work with Creditors

We work with all creditors, whether you’re dealing with a collections firm, a national bank, credit union, or another lender.

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Your initial phone consultation is free and requires no committment!
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A team member will respond within 1 business day.

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