Tips to Eliminate Debt

[sunandaC]

Tips to Eliminate Debt


1 Seek advice from a professional debt management company, or from a credit counselor. Seeking professional advice is without a doubt the best way for you to be sure you're making the right financial decisions.


2 Try to arrange for better rates with the banks and credit card companies. So many people believe that they have no options available to them as far as interest charges are concerned, but this couldn't be any further from the truth.


3 Set a budget which is realistic, and one which includes debt repayment. Setting a workable budget is the first step towards gaining control of your debts. Contrary to what you may believe, a budget will not stifle you, but instead, it will give you freedom.


4 Luxury items should be paid for in cash. Everyone likes to have a few luxuries in life, but that doesn't justify using a credit card in order to obtain them. Besides, if you pay cash for those items you want so badly, you'll end up enjoying them more.


5 End your addiction with credit cards. One of the biggest reasons why people get into debt is because they continuously reach for their credit cards, but of course this is largely because of the current economic crisis

 

[Hiral.s]

.. spend less than you earn

.. Have only one credit card with low limit and only one loan with monthly payment not exceeding 25% of Income.

--Dont overpay your debts- leave enough so you have enough for regular expenses too..

--Praise yourself for every small accomplishment. but, dont praise yourself by spending.. like giving parties and all..

--Put a note in your wallet with the text :_ Do i really need this??

 

[dimpy.handa]

People fail to realize how much they have already spent, and before they know it, they're maxing out their credit cards on a monthly basis. The best way to know just how much money you are spending is to pay for everything in cash.
This means using credit cards only for emergency purposes, such as unexpected car expenses and medical emergencies. By paying with cash, you will gain a higher appreciation for every hard-earned dollar