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.
12 thoughts on “Controlling Your Debts”
Many people couldn’t avoid having a lot of debts because of necessities. Controlling debts means purchasing the most important things rather than wants. In this way, debts can be minimized.
The 2 main things to balancing your personal budget is careful planning and knowing exactly where you are at. – Moneywise!!!!
All good steps. Good luck to those who are in this situation.
There are lot of debt management services that help to get out of debt.
These are very good tips to controlling debts, especially the second point
The points you mentioned are useful in day to day life to overcome the debts. Excellently written article, if only all bloggers offered the same content as you, the internet would be a much better place. Please keep it up!
Debts are the most dangerous thing for any business; and they can lead a small business owner towards bankruptcy. You have given some good tips here. I’ll just like to add a few. Firstly, you need a good financial planning. Those who are about to extend credit terms, make sure you have enough cash flow to support your business and other needs. In case you already have huge debts, it is better to consult a loan modification attorney to save your business and other properties.
controlled your debts is steps of your business success.
some great advice for small business owners but equally applicable to consumers.
Your determination to keep out of debts can only save you from falling prey into the debt trap.Unless you are firm on spending judiciously, you are always afraid of falling short of money.