10 Proven Debt Management Tips That Really Work!
Top ten debt management tips online. Get out of debt without a loan. This online debt management program and credit card debt management services will help you to legally get out of debt, Today!
You are looking for debt elimination tips. You may have some debts, but you are not necessarily "in debt." Perhaps you are starting to feel the first fingers of collectors reaching for you. Maybe you are starting to feel that you are in over your head and you want to get ahead of your debts and tackle them head-on.
Whatever the case, these tips will help you get ahead of your debts if you are beginning to fall behind. If you are already overwhelmed with debts, these tips can help you get back on track.
Top 10 Debt Management Tips:
1. Keep track of your money.
It is important to know how much income you have each month and know exactly where your money goes. If your monthly income is variable, such as with an hourly wage and varying hours, average your income over six or eight checks so that you have an idea of how much you bring in on the average. Also, keep a list of how you spend your money.
Write down EVERYTHING from a purchase as small as a can of soda and a package of gum to the new stereo system that you purchase for your home. You may be surprised to see where your money goes each month.
2. Use online banking.
Online banking can help you keep track of your spending. If you use a debit card, though, take care because the spending can get away from you. Record all of your purchases in case your purchases are not recorded immediately.
Some merchants wait sometimes as long as several days before submitting their debit and credit card purchases meaning that if you don't keep track you could be hit with an overdraft charge (or several charges) by your bank.
3. Use automated payments when you can.
If you have your bills set up on automatic payment, the only way that you would not be able to make timely payments is if you did not have any money to make the payments.
4. Debt Management Tips: Have as few creditors as possible.
If you have two credit cards, shave that to one card. Better yet, do away with the credit cards completely. The only time that you should use a credit card is when you really could pay with cash.
Whittle your creditors to as few as possible because the less debts you have the less debt management you have to do.
5. Pay more than the minimum.
If you pay only the minimum payments on your accounts, you will be paying them for a long time or you may never pay them off.
Pay more than your minimum payment if you can. On loans, check the terms to make sure that you won't be penalized for early payoff. With credit cards, the faster you can get them paid off, the better for you.
6. Debt Management Tips: Have a repayment plan.
When you take out a loan or incur debts, have a repayment plan in place before you sign on the dotted line. Know how you will repay the debts and the path that you will take for your debt management.
7. Have only as many bank accounts as you need.
You don't need half a dozen bank accounts with those extra fees, have only the accounts that you need. Extra accounts means tracking money from those accounts as well. Keep it simple.
8. Say NO to plastic.
Credit cards can get you into trouble in a hurry, you are better off without them. This is one of the first things that debt elimination programs tell you. If you have credit cards, pay them off and get rid of them. Just say - No.
9. Debt Management Tips: Save as much as you possibly can.
Ideally, you should have enough money saved that you could pay all of your expenses and bills for three, preferably six, months without an income.
Save as much as you can, don't touch it, forget about it, you never know when that rainy day will come storming in.
10. Debt Management Tips: Know the law; know your rights.
Know your rights as a debtor. If you already have collectors pounding on your door, know what exactly they can and can't do or say. The Federal Trade Commission has a wealth of information for consumers.
Find out about statute of limitations on debt, fair collections practices and what your rights are as a debtor.
The more knowledge you arm yourself with, the better off you will be with your debt management.
Typically if you're buried in debt and it is overwhelming and you don't know where to begin paying off debts. Instead of burying your head in the sand, read about these simple debt management tips that will teach you how to get out of debt faster than you though possible.
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