Personal finance management and debt repayment goes hand in hand – Some tips
Are you someone who has been spending sleepless nights wondering about the soaring personal debt ceiling? If your creditors have been giving you harassing calls regarding your delinquent accounts or your accounts are being sent to the collection agencies, you need not fret as there are many other credit card holders to accompany you. Most people, who have credit cards, misuse them and it is only when their billing statement arrives that they repent their mistakes that they have done. Although credit cards might seem to be the most convenient financial tools, they can soon become debt generators once you start misusing them. Have a look at some personal finance tips that you should follow in order to keep credit card debts at bay.
Learn to say ‘no’ to the credit card companies: The credit card companies usually keep on coaxing you for taking new cards and even offer a bait of gifting you with rewards. You should learn to say ‘No’ to the credit card companies as without this you will keep on succumbing to their tactics and thereby drowning in debt. If the credit card companies approach you with ‘hard-to-believe’ interest rates, just shrug them off by telling them that you have enough to handle and that you won’t be able to afford so many cards together.
Stick to using one card at a time: Don’t keep swapping all your plastics at the same time as this is a financial blunder that will inevitably lead to credit card debt. If you own more than one card, you should leave all of them at home and carry a single card in your wallet. Keeping track of your payments will become easier when you stick to using a single card at a moment.
Pay off your balance in full: Don’t adopt the habit of carrying over your unpaid balance to the next month as this will push you towards the debt cycle. You should keep track of your balance and thereby make the payments every month so that you don’t incur late fees and penalty fees that can unnecessarily increase the balance.
Pay more than just the scheduled minimums: When you owe debt towards your credit cards, you have to make a minimum monthly payment and if you want to avoid falling in debt, you should make more than just the minimum monthly payments. Try to save enough money as this will help you get back on the right financial track by getting out of debt sooner.
Get professional help: Even after following the above mentioned points, if you still incur debt, you should immediately get professional help.
There are saving money and following a budget ideas which you can seek immediate help with.
Therefore, when you’re at the edge and you’re looking for ways to get out of debt, try managing your personal finances. Keep saving money and following a budget throughout the month in order to track your pennies.
Myrina Stein
http://www.monsterhols.com/financial-goals/3-tips-to-get-financial-success-by-learning-financial-discipline.html