menu

Debt management, what you should know



video
Even without the economic crunch, a lot of Americans are already knee deep in debt. This is especially true with young professionals who started incurring their debt to finance their college education and have not been able to pay their debts yet to live the kind of lifestyle that they have after they graduate. Some badly need debt management work from something as simple as credit card charges which have ballooned to all time high because of non-payment and accumulation of interest fees. Some got their debts from their housing loans.

During these times of economic hardships, payments of these debts may even be harder. This is especially true if the government should decide to tighten the strings to enforce payment of debts and loans.

So how do you still pay for debts without drowning from all the entries of your To-be-paid for list? Here are some ways to lessen your burden and help you with managing your debt. Look into each on and you will find that they are actually pretty easy after all and what is more they are free. You don't have to pay for the advice.

1. Higher rates must be paid for first
Debts and loans with higher interest rates need to be paid first. This is because they burden you with more interest charges, which you can use to pay for your other debts. This is why some experts even suggest that people pay for those loans that have higher interest rates and to forgo payments of the ones with the lower interest rates until you are through with those with higher rates.

2. Loan the payment
This is actually a very effective way to lessen your debt. If you don’t have the money to pay for all your high-interest rate debts, you can loan with an institution that offer lower rates and use the money to pay for debts with high interest rates. You may basically have exchanged one debt for another but at least the interest rates will be lower and you will have a longer period of payment.

3. Credit Card temptation
You may not realize it but people are more tempted to spend money when they have credit cards. This is because with credit cards you are basically spending money that you do not really have. This is why a lot of debt management experts will suggest that you get rid of your credit card if you can or if you need it for emergency situations, just leave it at home. That way, even if you find some great blouses in your next shopping trip, you will not be tempted to buy it or even if you are tempted, you will not have any means of buying it.

4. Pay more than you are asked to
Credit cards and other kinds of loans will require you to pay a certain amount in order to be updated with your payments. Although you can pay only these amounts, remember that these are the minimum amount that you can pay. This means that you should you choose to, you can pay more. And this is something that you have to do if you want to get rid of your debts easily.

Allotting more than you are required for payment will ensure that you will be lessening the interest charges and there be able to do debt management yourself.





By your GoodBuddy Richard La Compte
You may contact me through my Help Desk

Comments

*Name:
*Email:
Website URL:
Title / Subject:
Hide my email
*Comments:
*
 



Menu


My Articles

Debt Management From The Home
Debt Management Tips To Help You In These Troubled Times
How Can Low APR Credit Card Eases Debt Management Problems
Managing Debt While Using Credit Cards
Veering Away From Debt Management Problems
Debt Management, What You Should Know
How To Go About Debt Management
Debt Management Plan And Other Debt Payment Alternatives
Eliminate Debt Management Problems By Solving Credit Card Debts
Effective Debt Management By Choosing Credit Cards Properly
Debt Management Can Be A Good Thing Too
Alleviating The Troubles Of Bad Debt Management
Saying No To Debt Management Problems
How Can Credit Card Affect Your Debt Management Strategies
Practical Debt Management Despite Using Credit Cards
Tips On Seeking Good Debt Management Advice
Debt Management – How To Come Up With The Right Plan
Four Important Steps On Good Debt Management
Keys To A Debt-free Life: The Debt Management Company
Credit Card Debt Management – The Right Tricks For Its Implementation
Easy Ways Towards Debt Management
Tips To Succeed With Personal Debt Management
Pay Off Debt With A Realistic Credit Card Debt Management Plan
Choosing The Right Credit Card To Avoid Debt Management Troubles



loading...




   Related Sites

My Articles


Choosing The Right Credit Card To Avoid Debt Management Troubles Credit cards are considered as a blessing to those who..


How Can Low APR Credit Card Eases Debt Management Problems Indeed, if a credit card is used properly, it can be a..


Saying No To Debt Management Problems If you’re a person who is having debt management problems, credit cards..


How Can Credit Card Affect Your Debt Management Strategies Many people would agree that before the invention of credit cards has..



Related Products:

Related News:

 
4 Of The Best Debt Management Apps - Forbes
Fri, 10 May 2019 07:00:00 GMT
    4 Of The Best Debt Management Apps  Forbes

People don't love debt. They do, however, love technology that helps them kiss it goodbye. Personal finance technology has come a long way. We've gone from ...



IMF tells Albania to boost revenue, improve debt management - Reuters
Mon, 06 May 2019 07:00:00 GMT
    IMF tells Albania to boost revenue, improve debt management  Reuters

TIRANA (Reuters) - An International Monetary Fund team urged Albania on Monday to strengthen its revenue base, improve debt management by issuing ...



To balance debt and development, transparency and purpose are key - World Bank Group
Tue, 21 May 2019 12:00:00 GMT
    To balance debt and development, transparency and purpose are key  World Bank Group

In the past five years alone, public debt in the poorest countries has increased from 36% of GDP to 51% of GDP.