Ilia Zavialov is an internationally known financial professional who advises banks and other financial institutions. He also assists individuals and families with creating wealth, managing debt, and fashioning retirement plans. Based on his years of financial experience, he offers some useful advice for the average individual and the wealthy investor, particularly regarding the debt management issues that so many people face at some point in their lives.
Ilia Zavialov’s Five Points on Debt Management
It can be difficult to avoid debt, especially when unexpected expenses arise. Often the easiest way out is to take a loan. However, one loan tends to lead to another, which in turn can lead to higher interest rates that leave a person trapped in a cycle of debt. Here are Ilia Zavialov’s suggestions to keep debt under control.
1. Know and Manage Credit Score
People who know their credit scores have a realistic idea of whether a loan will be approved—furthermore, the better the credit score, the more favorable the interest rate. There are several ways to improve a credit score; the best time to do so is before seeking a loan. Individuals can score better by paying down debt, consistently paying on time, and keeping past-due accounts up to date.
2. Consolidate Loans
Many people have a variety of loans, including credit card balances, and the interest rates can vary widely. An effective way to save money is to identify the loans with the highest interest rates and roll the balances into lower-rate loans. This reduces a person’s monthly debt payment and quickly reduces overall debt. It also simplifies the process of paying bills each month.
3. Pause Repayment If Necessary
Sometimes monthly debt repayment becomes simply too much to manage, and an individual needs to create a little breathing room. It can be possible to negotiate a pause on payments until a debtor brings the overall finances under better control. Some loan services will work with creditors on behalf of a debtor to provide some relief.
4. Always Shop for the Best Rate
Market conditions, along with federal actions, set a general range of interest rates. However, there’s a lot of variation within that range, and taking the first loan that’s offered generally won’t result in the lowest rate. Ilia Zavialov provides a rate-shopping service for his clients, and he recommends that everyone look at more than one offer before committing to a loan.
5. Avoid Short-Term Loans If Possible
There are lots of short-term loan offers in the marketplace, and it can be tempting to take one to meet an immediate financial need. However, these usually feature high-interest rates, and too often, individuals need help to make repayment when it comes due. This may lead to yet another high-interest short-term loan and a cycle of debt that is difficult to break. Sometimes even people with significant assets fall into this trap. A long-term strategy with the help of a financial professional can help avoid this pitfall.
About Ilia Zavialov
Ilia Zavialov has more than ten years of experience in the financial world. He has worked for a variety of financial institutions, and his specialties include portfolio management, strategic financial planning, international finance, regulatory compliance, capital markets, and risk management. He advises families and individuals as well as businesses. He assists his clients with insurance, investments, wealth creation, debt management, and retirement plans.
Zavialov is passionate about giving back to the community. He belongs to the National Association of Financial Services Professionals and volunteers as a board member for local youth programs. He also mentors other financial professionals and offers the community a financial literacy course.
