A Guide to Managing Your Debt
No matter how small or how big your debts are, it is important that you manage them. For small debts, ensure that you make your monthly payments and done get it out of control. If you debt is large, then you need to put more effort into paying off your debts. Here are some tips on managing your debts.
You should list down all your debts first. This should include the amount of the debt, the creditor, the due date, and the monthly payments. Seeing the list in front of you will make you aware of the bigger picture of your whole debt.
Make sure that you refer to your list regularly, especially when you are paying your bills. When the amount of your debt changes, make sure to update your list.
If you pay your bills late, then you get an added late fee every payment you miss. You will have a harder time paying your debt with added fees. Your interest rate and finance charges will increase if you miss two payments in a row.
You should remember to pay your bills on the proper date each month. IT is best to remind yourself by using a calendar on your smartphone or computer and set an alarm. Make sure to set the alarm days before the payment is due. If you miss it, don’t wait until the next due date to send your payment because by then it could be reported to a credit bureau. You should send your payment as soon as you remember.
To ensure you know which bill to pay with each paycheck, use a bill payment calendar. It is important to write the amount of the bill’s payment next to the due date. After that fill in the date of your paychecks.
If you pay a minimum payment, then it can help if you are not able to pay anything more. Minimum payment will not really help in reducing your debts but it will help to keep your debt from growing and your account will continue to be in good standing.
Because credit cards have a higher interest rate than other debts, you should pay your credit card debts first. Pay the credit card that has the highest interest rates first because it is costing you the most money.
Your should order your debt list so you will know what to pay off first. It is good to pay the one with the lowest balance first.
It is good to have a budget with will let you have expense money for the month. It is good to make sure that you have a plan in advance so that even if you won’t have enough money for your bills, you can take early action.
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