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It’s the best of times, and it can be the worst of times, when it comes to looking at consumer debt, says Bills.com co-founder and co-CEO Brad Stroh, who this week provided a host of options for consumers with any credit rating to cope with debt.

Following are suggestions for managing debt — whether with good or bad credit — follow.

If credit is bad:

Those who are behind on payments, have creditors calling or have given up hope of repaying debts probably realize that their credit rating is likely low and falling. Here are some options that might help:

1. Take a title loan on a vehicle.

2. Borrow from a 401(k) or other employer-sponsored retirement account.

3. Borrow from family or friends

4. Negotiate.

5. Get debt resolution help.

6. Consult a debt consolidation service.

7. File bankruptcy.

If credit is good:

Those who know they are in too deep, but haven’t started hearing from creditors and are able to make at least minimum payments on debt, have a few additional options:

1. Consolidate via credit cards.

2. Take out a personal or signature loan.

3. Borrow against a home.

For more information, visit bills.com

With the most common credit score formula getting an overhaul this month, the free online consumer portal Bills.com has compiled a list of the basic credit terms every American should know.

The three major credit reporting agencies - Equifax, Experian and TransUnion - report consumer credit scores based on the Fair Isaac Corporation’s FICO formula. This spring, Fair Isaac will unveil FICO 08, intended to help lenders better gauge actual risk by better differentiating good customers who have made one mistake from people with multiple delinquent accounts.

Must-know terms include:

* Average Daily Balance or Adjusted Balance
* Amortization
* Annual Percentage Rate (APR)
* Bankruptcy
* Credit score
* Liquidation
* Repossession
* Revolving account

For more information, visit bills.com

Over the last eight months the money markets have had a battering, with higher interest, causing money to be more expensive to buy on the money markets. These extra costs then filter down to the end users, or creditees. With the world markets being so cautious, many banks have removed their risk when lending by cutting back criteria, especially in the mortgage sector. This was not always the story, with many believing credit has always been easy to get, especially in recent years. The latest figures from The Debt Counsellors online survey, shows that out 43 percent strongly agreed that credit was easy, only 9 percent said it wasn’t. But we may see a shift in this figure over the next few years, especially regarding mortgages.

The Sub Prime market is geared towards people with bad credit, but all lenders in this sector have removed many of the more, forgiving criteria they once had. This, coupled with the rise in rates, means that someone coming out of an affordable rate, after the end of a benefit period, say a 2 year fix, will find their options are limited.

Although rates have increased in the last two years, the news today of a cut, will hopefully help many mortgagees in terms of their affordability and paying debts. Today, the average mortgage in the UK is around £125,000. With the 0.25 percent decrease today an average mortgage of £125,000 will see a decrease of £312.50 per year only if the mortgage is on a tracker or variable rate.

Overall, the cut in interest rates, coupled with the previous reductions, could help those in financial ‘dire straights’. It may not be by very much but it’s certainly better that an increase.

For more information, visit debtcounsellors.co

Sixty-one percent of the public believes the economy is now suffering through its first recession since 2001, according to a recent poll. Howard Dvorkin, CPA and founder of Consolidated Credit offers this advice to soften the blow and maybe help you come out of a recession looking like a winner.

• Pay down your credit cards.

• If you work with a company that has a staff of sales people talk with them. If sales are low and they are barely getting by then everyone’s job could be in jeopardy.

• Build an emergency fund. You should have up to six months of savings to take care of your living expenses.

• If you receive any checks or rebates from the government put that money in your emergency fund.

• Apply for unemployment benefits without hesitation if you are laid off from your job.

• If you have stocks and bonds talk with an expert to make certain that you are diversified. You should not panic and sell right away. Keep a close watch on the market and your investments.

• Don’t act hasty if the walls start crumbling around you. If you have to take money from your retirement plan, first understand the rules.

• If you can prove that you are experiencing financial hardship some 401(k) plans allow withdrawals — but you will still owe income tax on the withdrawal and, again if you are younger than 59 1/2, you will owe a 10 percent penalty.

• This may sound obvious, but don’t spend money because it makes you feel good.

• Start a new business. It’s a fact that many successful businesses were opened up during poor financial periods. If you have the right game plan and the money to do it, this may be the time to live out your life’s dream.

Ultimately, it’s important not to panic if you feel you are being financially stressed out. Work with your family to come up with new ideas on how to save money or make money and if you feel that your job is at risk don’t hesitate to start looking for new work. Call friends and old work partners; begin the networking process so you will have a new job lined up. Don’t wait for the other shoe to drop; strategize and make a commitment to adjust to anything the fluctuating market throws your way.

For more information, visit consolidatedcredit.org