How to Take Charge of Your Debt
/4 Things You Can Do Right Now to Manage Your Debt
First Published Date: December 22, 2011
If you have difficulty handling your debt, the very first thing you need do is to admit that you have a debt problem. It is our nature to not see the real picture and keep adding up debt – unrealistically thinking that our debt is still manageable. Today, let me describe these simple steps you can take right now to get rid of this vicious cycle of debt.
Admit and Stop – Admit that your debt situation is beyond control and you need to take steps right now to get rid of your debt. Stop charging more to your credit card or adding more debt into your existing balance. The most important thing you can do is to start your journey towards a debt-free world and you do it starting this moment.
Add Extra Money – Whether it is $10 per month or $50 per month, adding extra towards paying your debt can have a enormous effect on the life of your debt. By adding additional amounts, you are shaving off years from your debt-paying timeline and saving lots of money. So, if possible, pay extra money every month. For those months when you cant pay extra, stick to the minimum.
Stick To Reducing Your Debt – Yes, you can do it. You can have a debt-free life. Start visualizing how life will be and how much freedom you will have when you won’t have debt anymore. To make it happen, you need to stick to reducing your debt and continue paying off all your loans until they turn into zero.
Educate Yourself and Seek Professional Help – Learn about managing money to build your financial future. There are many independent personal finance websites, Canadian government websites, and U.S. government websites out there for free where you can learn about money and finances. Use these free resources to educate yourself. However, there will be times when these resources are not enough to handle your situation – in a situation like this, seek the help of financial professionals to walk you out of your debt situation.
