subject: Loosen the Grip Debt Holds on You [print this page] Loosen the Grip Debt Holds on You
Debt have a hold on your life? Break loose from debt with these easy steps.
If you are only making minimum payments every month, are being denied credit or often tell white lies to your friends and family about your spending habits, there's a good chance you are experiencing problems with debt. Like any problem, the only way to make your debt disappear is to confront it.
First step to controlling your debt is to know exactly how much you are spending. Most people don't know exactly how far in debt they are. So, it would be beneficial to gather all your statements to see how much you owe and the sum of the amount of interest being added every month.
Although it's important to pay off charges such as, department store credit, and furniture payments, you have to make sure you are taking care of you and your family first. This means that you must start prioritizing your expenses. Necessities like food, mortgage, utilities, car payments, child support, and any health related bills should be your top priority expenses. You must also start tracking your spending and may need to cut back on luxuries like dining out.
The next step may be the one you have been avoiding most, your credit card payments. Start handling your credit card by paying more than the minimum payments every month. If you are only paying minimum payments it will take you years to get out of debt, however by contributing as little as ten dollars a day to your total balance you can save yourself a lot of sleepless nights.
When it comes to credit card debt management, interest rates can make the difference in how far debt can bury you. Credit card companies can lower your interest rate right over the phone. If your card company says that they cannot lower your monthly rate tell them you will switch your remaining balance to a card company who can, and if you have to, ask to speak to a supervisor.
After you have finished completing the given steps and have your spending controlled, you must continue to practice debt management. Start by only paying cash or writing checks and avoid carrying your credit card with you. Steer clear of any special offers that may come with opening a new credit account like flier miles or store discounts. Those perks may sound great but when you find yourself buried in debt it will be hard to see them as a silver lining to your debt nightmare.
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