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Don't buy things you can't afford.
If you have $100 you can't buy something that costs $110. It's simple math that credit card companies hope you forget so that they charge you interest on the money they lend to you. -
Don't spend more money than you make.
Figure out how much money you take home each month then don't spend more than that. Simple right? -
Don't spend money you don't have.
Are you noticing a pattern here? -
Start a budget.
Evaluate how much money you take home and divide it up into the essential areas of life. If you really need to buy something adjust your budget to make it happen. -
Save and create an emergency fund.
Be sure to set aside some funds for those unexpected mishaps. Like when you crash your car to avoid hitting the cute row of ducks. You should have enough saved away to cover your living expenses for three to six months. -
Pay for essentials first.
Paying your mortgage, utilities and for food should all come before the 47" LCD HD TV or that lovely dinette set. -
Talk to your lender.
Not everyone is a Scrooge. If you are having trouble making payments, then talk to your creditor. They may be willing to negotiate some new terms with you (don't be embarrassed, it happens).
Debt
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juls030201
Posted 4:51 pm o
11/17/2009
Good information. I like the part about paying for your mort. and utilities first. It seems like some people just buy and buy and then put their hand out for a donation. Budget your money and start a savings account.....
Flag as inappropriate kprince
Posted 10:19 pm o
10/13/2009
The best way and fastest way to get out of debt would be to focus on what debt has the highest interest rate buy paying the minimum payments on the other debts and putting a lot more to your higher interest rate one. You do that until that loan is paid off and you then put what you were paying towards that highest debt and then put it towards then next highest interest rate. So, let say you have three loan.. you are paying 300 on one, 75 on another and 25 on the last one. So, as soon as the f
Flag as inappropriate CLAY
Posted 10:02 am o
09/02/2009
Let's see...how to get out of debt...easy...don't get into debt.
Sandy
Posted 5:59 pm o
08/31/2009
Pay off your higher interest loans first then use that payment money to pay down the next loan faster. You will get yourself out of debt quicker.
Flag as inappropriate Sandy
Posted 5:57 pm o
08/31/2009
Flag as inappropriate SClark
Posted 12:03 pm o
08/28/2009
It is such a load of your shoulders when you pay off a loan. It is so wise to watch what you spend and not get into too much debt in the first place because if you don't it can be an uphill battle for quite awhile trying to get out of debt.
rcragun
Posted 11:37 am o
07/18/2009
just pay it down as fast as you can. you have a few extra bucks put it down.
Flag as inappropriate ryan
Posted 11:01 pm o
06/01/2009
Breaking the debt cycle and paying off a loan is so nice. It's also nice to have the extra money every month from not having the payment.
Flag as inappropriate rebecka
Posted 1:28 pm o
04/28/2009
Debt is definately a necessary evil... You need it in order to raise your credit score but it's the biggest thing that can also break your credit score!
Flag as inappropriate bryson
Posted 8:08 am o
04/22/2009
That whole "getting out of debt" thing is great! I just paid off 2 of my loans! It's such a freeing feeling. Like a weight has been lifted off my shoulders. Plus, I now have more money to budget with each month.
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