subject: Five Tips To Getting Free From Debt [print this page] As the current economy has placed many Americans into dire financial circumstances, here are some tips that can help you avoid bankruptcy and stay in a stable financial position in your personal finances:
1. Create a budget - It is very important to know how much money you have coming in every month as well as how much money is going out every month. You can use Microsoft Excel, Quicken, Quick Books or any number of other programs to help you organize your monthly expenses.
2. Organize Your Debts - Whether you are suffering from massive credit card debt, or you are overwhelmed by heavy medical bills, it's important to remember that you are aware of what your debts are in total. This may seem scary when you see the number, but it will help you know whether or not you need the help of a debt settlement company.
3. Put Away the Plastic - Many Americans have tens of thousands of dollars in credit card debt. If you have a serious credit debt problem, you should put the credit cards away and use cash as often as you can. Eliminating department store credit cards as well as traditional credit cards can help you free yourself from massive debt at the high interest rates that go with it.
4. Invest in Yourself - It may seem difficult, but you have to learn to put money aside for a rainy day (especially since these days, it rains every day). Common wisdom suggests putting aside 10% a month, but if you can't afford that, put a dollar amount aside. Whether it's $50 or $5, you need to have something put aside for those months when work is slow or when an unexpected expense occurs.
5. If All Else Fails, Get Professional Help - If your finances are in serious disarray, you may need two types of assistance - personal finance help or debt settlement help. If you aren't in too much debt, you may be able to just get some help finding ways to cut back. However, if you're tens of thousands in debt, then you probably need the assistance of some type of debt settlement company who can help you settle your debts for less than you owe.
Most people are afraid to face down their debt because they don't want to know exactly how bad the situation. However, debt is much like a boogie man, much scarier in your mind than in real life. Organizing your personal finances and getting debt settlement assistance if you need it can help you get debt free and have long lasting financial certainty in your life.
by: J Chase
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