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are seeking debt advice every day as they are buried in bills. There are some
tried and true methods to get out of debt, yet deciding on the one that is
right, can be difficult. The most important thing is to stick with a plan and
keep track of goals. Getting out of debt requires dedication once a plan is
is so easy to become burdened with debts, yet almost impossible to escape from
it when thousands of dollars are owed. Unfortunately, some may wait too long to
try to tackle it. To be able to get control of it, it is necessary to understand
the types of debt. Some debts are unsecured, which means the debt is not attached to a piece of
property, like credit card debt. A mortgage payment is a secured debt, and if
the loan is not paid, there is a risk of losing the home.
control of bills needs to begin with a carefully prepared, written budget, and keeping
track of every dollar. It is a guide and may need adjusting from time to time.
That is ok, it helps to review it, adjust it, and, stick with what is written down.
all required monthly expenses. Begin with food expenses, the mortgage payment,
and utility bills. Consider looking over last years bills to get an estimate of
the total expenses for the year. For example, a utility bill may be higher
during hot months or cold months, and it may be necessary to set aside money to
prepare. Reviewing last years income and expenses can help you discover any
extra payments for insurances, taxes, etc.
of Expenses Listed on a Budget:
Gifts, Birthdays, etc.
Gas, auto payments, repairs
Food, cook more, eat out less
Money deposited into a savings account.
list above is an example, make your own list and write a dollar amount by each
item. Consider things on the list that could be eliminated. For example, cell
phone plans could be reduced or home phones may not be needed. Notice that
entertainment is not on the list. By eliminating this expense, there could be
more money to use to pay down bills. If it is put on the budget, make sure to
set an amount that is reasonable and set limits. Entertainment expenses can take
a big bite out of the monthly income. Try to do more home activities for a
time budgets can be a success, and it takes time for it to become a habit and
refined. It is a starting point, as many people never follow one, and later
wonder how they got into debt. The more it becomes a habit, the more you know
your expenses, and what you must plan to spend out of each paycheck. Keeping
bills paid on time can be huge stress relief.
debts to pay every time a paycheck is received, spread it around to what is
necessary to pay first. After some weeks, you may find your finances in better
shape and feel some pride in getting debts well under control. Paying debts must
become a weekly target, to make progress and get bills paid. This also helps to
avoid any added expenses. Using a calendar as a reminder is a good tool to use.
When getting out of debt is not working, consider a free quote from a debt
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Tip of the Day: Would it be foolish to get another unsecured credit card when you already have several cards maxed out? Perhaps not. Your FICO score takes into account how much of your total credit line is already obligated on credit cards and other revolving credit accounts. If you are close to maxing out your credit cards, this can lower your score. So getting yet another unsecured credit card may not harm your score, but could help it (considering there are no other problems with your score) by increasing your available credit limit. But don't max out the additional credit card, too.
Tip of the Day: To curb credit card charges, wrap your credit card in a sheet of paper and keep a log of purchases written on the paper, with a grand total of charges in view each time you reach for your card. Before swiping your card, figure out how many hours you'll have to work in order to payoff the charge and jot on the paper: "IOU #Hours of Work". Perhaps seeing how long you'll need to work to payoff the charge will help curb spending.