Debt Management 101-simple Steps For Remaining Debt Free
. The excuses that this is an investment or you can hear the clothes calling you or you can use this with this outfit are usually the things you can hear from a girl who is a certified shopaholic. Shopping is not actually bad but when you always use your credit card to shop, you might be in trouble. The reason is that most of the credit card companies usually have interest rates and the more you delay your payment, the more the interest rates accumulate thus debt.
Debt management is the only possible way wherein you can lessen or be out of debt. Follow these simple suggestions for managing your debt.
Leave your credit card at home. This is probably the best way to not spend your credit limit. Since almost all the stores accept credit cards, the problem that arises is that you walk into a store, see something you like and even if you do not have cash, you are tempted to just get your card out of your wallet and credit it to your card. If you leave your card at home, you will need some cash before you can buy something that you like. If you do not have cash on hand and you do not have your credit card with you, you still have some time to think if you really need that one specific item. You will not buy anything out of impulse. It is also better to spend cash when purchasing so that you will not be doomed later on with interests.
Pay your bills as they arrive. The reason why people are in debt is because they let their bills sit in their counters without opening them and paying them when they are already due. The best way to manage your debt is to open your bills as they arrive and pay them immediately. If you do not have the full amount yet, you can simply pay half of your balance just so the interest will not be as big. This will also keep your track record clean so that when you would want to get a loan in the bank, you are credible and they know that you always pay on time and are capable.
Managing your debts would be easier if you know your strengths and weaknesses.