If you have a debt, no matter how much it is, it is important that you manage your debt. If you only have a small debt, then make sure to keep up with all your payments and don’t let it out of control. If you have a large debt, then you need to put more effort into paying off your debt. To help manage your debts, consider the tips given below.
You should list down all your debts first. What you should include in your list is the amount of the debt, the creditor, the due date, and the monthly payments. Seeing the list in front of you will make you aware of the bigger picture of your whole debt.
Check your list as you pay your bills. When the amount of your debt changes, make sure to update your list.
Paying your bills late will incur an additional late fee for every payment missed. This will make it harder for you to pay your debt. Your interest rate and finance charges will increase if you miss two payments in a row.
Each month, pay your bills on time. Remind yourself about your payment schedules by using a calendar on your smartphone or computer. Make sure to set the alarm days before the payment is due. If you miss it, don’t wait until the next due date to send your payment because by then it could be reported to a credit bureau. As soon as you remember, send your payments.
To ensure you know which bill to pay with each paycheck, use a bill payment calendar. Next to the due date, write each bill’s payment amount. Then fill in the date of each paycheck.
A minimum payment will help if you are not able to pay anything more. Although it does not really help pay the minimum, at least your account is still in good standing, and dit will stop the growth of your debts.
Because credit cards have a higher interest rate than other debts, you should pay your credit card debts first. The credit card with the highest interest rate should be paid first because it is costing you a lot of money.
Make sure to rank you debt list so that you will have a clear view of whom you will pay first. If you rank them, choose to pay first the one with the lowest balance.
Make sure you have a budget to make sure that you have enough money for your monthly expenses. Ensure that you plan far ahead of time so that even if you won’t have money to pay your bills, you can take action early.
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