A Guide to Managing Your Debt
No matter how small or how big your debts are, it is important that you manage them. If you only have a small debt, then make sure to keep up with all your payments and don’t let 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.
First list all your debts. What you should include in your list is 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.
When you pay your bills, refer to your list. When the amount of your debt changes, make sure to update your list.
Remember that there is an additional fee that will be added to your bills if you pay the late. 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.
if you want to 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. Then fill in the date of each paycheck.
A minimum payment will help if you are not able to pay anything more. Although it does not really help pay the minimum, at least your account is still in good standing, and dit will stop the growth of your debts.
It is important to pay your credit card debts first because they have higher interest rates than other debts. Pay the credit card that has the highest interest rates first because it is costing you the most money.
Your debt list should be used to order the debts and pay them off accordingly. It is good to pay the one with the lowest balance first.
Create a budget that will ensure that you have money for expenses for the month. Ensure that you plan far ahead of time so that even if you won’t have money to pay your bills, you can take action early.
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