Debts, debts, debts. Facing with the debts problem could blow your head so it’s time to control it. Let’s see some tips on how to control your debts.
It might sound hard when we are trying to control something especially when we’re talking about debts. But do believe that there’s a way out for every problem so I recommend you consider about controlling your debts.
1. Setting your goal
In controlling your debts, the first step is to set your goals. What do you want to achieve? How much time do you need in controlling your debts? Set your goals based on your own estimation however don’t forget to put yourself inside the situation so you can set your goal based on your capability.
2. Avoid using credit card
Credit cards indeed help a lot in buying things today but don’t forget many people facing debt problems caused by the credit cards. There is no harm of using credit cards, but the best way is to avoid using them. I still remember what my friend said – “The best way to avoid danger is to avoid the trap”. You might face the situation where you have to use your credit card and there’s no other choice – so use them. My point here is avoid using credit cards as much as you could so you can avoid facing the debts in the same time.
3. Pay in cash & full amount
This could be the continuation of avoiding credit card step but paying in cash & full amount need a strong determination. Pay your bill or goods in cash is a good effort to control your current debts. Make it as a habit and it’ll be easier from time to time.
4. Use savings
Savings is very helpful especially when you’re facing financial difficulty. Savings need your responsibility and might give you hard time but it’s very helpful in case you need money for emergency cases. Savings also can help you to qualify for loans or buying equities besides controlling your debts.
5. Financial settlement
Financial settlement is a process that will help you manage your debt to settle. With a good payment plan you have the chance to eliminate your debts in about 2-3 years.