Debt Management 101
Does debt management mean digging yourself out of a hole? Definitely not. Debt management is something that all of us should do. It means budgeting ourselves so that we avoid taking on more debt than we can reasonably handle.
Almost all of us have debt. If you have a car payment, a mortgage or any credit card bills you have debt. However, if are paying more than the minimum payments on your house and your cars and you are paying your credit card balances in full at the end of every month you are managing your debt well. If you do not fall into that category, how can you turn things around?
A Few Helpful Hints
- Be sure that before you accept a loan you have checked around to be sure that you are being offered a good interest rate. If a lower rate is available elsewhere go with that. Once you have accepted a loan pay as much as you can toward the loan each month.
- Remember that credit card companies are competing for your businesses so that have many incentives and offers that you should avail yourself of. Accept only the credit cards with the lowest interest rate that is available to you.
* Limit your credit cards to one or two. The more credit cards you have, the more temptation you will face. If you are managing your debt properly, you won't need more than two cards anyway.
- Don't draw cash off your credit card if you can avoid it. There may be times when this is necessary because of some unexpected situation. If that happens be sure to pay that off as soon as you can.
Are you Already Buried in Debt?
Be aware of your financial situation and don't let overwhelming debt sneak up on you. So many people feel that they have a good handle on things and by the time they realize that they have lost control they find themselves buried. Be conscience at all times of your financial situation and your level of debt.
Almost all of us have debt. If you have a car payment, a mortgage or any credit card bills you have debt. However, if are paying more than the minimum payments on your house and your cars and you are paying your credit card balances in full at the end of every month you are managing your debt well. If you do not fall into that category, how can you turn things around?
A Few Helpful Hints
- Be sure that before you accept a loan you have checked around to be sure that you are being offered a good interest rate. If a lower rate is available elsewhere go with that. Once you have accepted a loan pay as much as you can toward the loan each month.
- Remember that credit card companies are competing for your businesses so that have many incentives and offers that you should avail yourself of. Accept only the credit cards with the lowest interest rate that is available to you.
* Limit your credit cards to one or two. The more credit cards you have, the more temptation you will face. If you are managing your debt properly, you won't need more than two cards anyway.
- Don't draw cash off your credit card if you can avoid it. There may be times when this is necessary because of some unexpected situation. If that happens be sure to pay that off as soon as you can.
Are you Already Buried in Debt?
Be aware of your financial situation and don't let overwhelming debt sneak up on you. So many people feel that they have a good handle on things and by the time they realize that they have lost control they find themselves buried. Be conscience at all times of your financial situation and your level of debt.
About the Author:
Tire of barely keeping up with your credit card debt? Learn how to deal with excessive credit card debt on the Debtopedia website. Get a free copy of my report "Secrets Of Credit Card Debt" at http://www.debtopedia.com
posted by Debt Consolidation Loan at
1:00 AM
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