4 Debt Management Tips You Can Use to Become Debt Free Quicker
Tip #1 - Cut Up the Cards - While you may think that cutting up your credit cards sounds a bit drastic, this is one of the most effective ways to get out of debt. While you may want to put aside one credit card for emergencies, cutting up the cards will help you to stop charging in the future. Whenever possible, start using a debit card instead of a credit card. This will help you to budget in the money that you spend instead of putting more debt onto credit cards.
Tip #2 - Pay More than Minimum - One excellent debt management tip is to figure out what the minimum payment is on your credit cards and then pay at least 5% more on your card every single month, and more if you have the money. The more you pay on your credit card debt, the quicker you will get rid of this debt. If you continue to pay just the minimum amount on your credit cards, you could be paying on the card for 10-20 years, even if you only owe $2,000.
Tip #3 - Save Money - One of the most important debt management tips is to start making sure that you save money every month. It is all to easy to merely scrimp by each month without saving any money at all, but saving is essential to having good finances. Even if you are only able to save $5-10 every month, this is a start. Getting into the habit of saving money can help you in the future. You never know when you may need to fall back on the money you have saved, so it is good to have a savings account that will be there when you need it.
Tip #4 - Avoid More Credit Cards - Once you start paying off your debt, you may actually end up getting more credit card offers, and it can be quite tempting to take the companies up on their offers, especially when they start waving great deals in front of your nose. Remember, you want to stay out of debt as much as possible, not go right back into debt again. While you may want to get one of those newly offered credit cards, resist the temptation and let the companies keep their offers. Once you give in and get the card, it will be much easier to start spending money on the card again.
These debt management tips are very simple, but using them can help you get out of debt and stay out of debt. While it make take some work and discipline on your part, it is possible to get out of debt and to stay there.
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Learn more about how to use debt management tips with Freddie Johnson's free articles on debt relief, debt consolidation, debt management and credit repair tips at http://www.mydebtconsolidationtips.com
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