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. Below are some tips that can help you manage your debts.
In order to begin managing your debt, it is important to first make a list of all your debts. This should include the amount of the debt, the creditor, the due date, and the monthly payments. If you see all your debts in front of you, then you will see the bigger picture and you will become aware of the whole debt picture.
Check your list as you pay your bills. Update your list if there are changes.
Paying your bills late will incur an additional late fee for every payment missed. You will have a harder time paying your debt with added fees. Don’t miss two payments in a row because if you do, your interest rate and finance charges will definitely increase.
Each month, pay your bills on time. 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 yo miss a payment, don’t wait until the next due to pay it or else you will 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. Write each bill’s payment amount next to the due date. After that fill in the date of your paychecks.
Make sure that you pay out the minimum payment if that is all you can pay. If you pay only the minimum, it can keep you debts from growing and will keep your credit in good standing.
Make sure to pay your credit card debt 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. Paying off the one with the lowest balance will be easy on your part.
Make sure you have a budget to make sure that you have enough money for your monthly expenses. 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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