By Steve P Thatcher
When you are in debt it can seem that it is impossible to extricate yourself from it. There are a number of tips here which will help you manage your debt and which can be combined with our debt solutions can get you back on track.
1. Curb your spending. The easiest way not to overspend what you have not got is simply to cut back and spend less. It may seem obvious, but actually it can be quick difficult to do. If you are in the habit of simply buying what you want when you want, it can be a tricky adjustment to curb the automatic reaction to reach for cash or the card.
2. Assess your debt. Do you know how much debt you have? Do you know what it costs you just to service the debt, without actually reducing it? These figures need to be understood as you can never meaningfully address the problem you have unless you understand these things.
3. Set Goals for yourself. To simply set out to cut out debt from your life is too big a task all in one go. Set a few interim targets. One might be the pay off one card or loan completely. Having done this, you can set a new target. That way little by little you reach your goal in managing debt in small steps.
4. Pay off your most expensive credit first. By doing this, you actually free up more cash quicker enabling you to move faster through the debt maze.
5. Pay more than your minimum balances. If you only ever pay the minimum balance, it can take decades to clear your debt. The more over the balance that you pay, the quicker exponentially the debt level falls.
6. Do not put any more spending on your cards. If you cannot afford something in cash, deny yourself it. Think! Do I really need this on credit? If you feel like spending, wait a week and see if you still need what you hankered after.
7. Cut up al your cards. Except maybe the one with the lowest interest rate which is only for emergencies. This is a great way to manage debt
8. Get a second job. Ok not easy when so many people don't have a first job. But there are plenty of lines of part time work that you can do in spare time that provide an income for life.
9. Cook at home. Do not order takeaways and deliveries. The £20 curry can be made yourself for £5. Use the £15 to pay off a credit card.
10. Be patient. Debt will not disappear overnight but as you work through the process, it will fall away at an ever increasing rate.
Utilising the above and solutions such as debt management, will help you be able to manage your debt.
Information provided by Steve Thatcher of Help With Debt (UK) Limited and total debt solutions company. For all further reading see http://www.helpwithdebtuk.com For personal contact email sthatcher@helpwithdebtuk.com For Steve's thoughts see http://steves-debt.blogspot.com
If you have any debt problem whatsover either personal or corporate make Steve your first call all advice is free. Finally if in the UK and you need a friend to speak to call 01162171406
1. Curb your spending. The easiest way not to overspend what you have not got is simply to cut back and spend less. It may seem obvious, but actually it can be quick difficult to do. If you are in the habit of simply buying what you want when you want, it can be a tricky adjustment to curb the automatic reaction to reach for cash or the card.
2. Assess your debt. Do you know how much debt you have? Do you know what it costs you just to service the debt, without actually reducing it? These figures need to be understood as you can never meaningfully address the problem you have unless you understand these things.
3. Set Goals for yourself. To simply set out to cut out debt from your life is too big a task all in one go. Set a few interim targets. One might be the pay off one card or loan completely. Having done this, you can set a new target. That way little by little you reach your goal in managing debt in small steps.
4. Pay off your most expensive credit first. By doing this, you actually free up more cash quicker enabling you to move faster through the debt maze.
5. Pay more than your minimum balances. If you only ever pay the minimum balance, it can take decades to clear your debt. The more over the balance that you pay, the quicker exponentially the debt level falls.
6. Do not put any more spending on your cards. If you cannot afford something in cash, deny yourself it. Think! Do I really need this on credit? If you feel like spending, wait a week and see if you still need what you hankered after.
7. Cut up al your cards. Except maybe the one with the lowest interest rate which is only for emergencies. This is a great way to manage debt
8. Get a second job. Ok not easy when so many people don't have a first job. But there are plenty of lines of part time work that you can do in spare time that provide an income for life.
9. Cook at home. Do not order takeaways and deliveries. The £20 curry can be made yourself for £5. Use the £15 to pay off a credit card.
10. Be patient. Debt will not disappear overnight but as you work through the process, it will fall away at an ever increasing rate.
Utilising the above and solutions such as debt management, will help you be able to manage your debt.
Information provided by Steve Thatcher of Help With Debt (UK) Limited and total debt solutions company. For all further reading see http://www.helpwithdebtuk.com For personal contact email sthatcher@helpwithdebtuk.com For Steve's thoughts see http://steves-debt.blogspot.com
If you have any debt problem whatsover either personal or corporate make Steve your first call all advice is free. Finally if in the UK and you need a friend to speak to call 01162171406
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