Tips in Managing Your Debts
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. Here are some tips on managing your debts.
First list all your debts. 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.
When you pay your bills, refer to your list. As the amount of your debt changes, updated your list.
Paying your bills late will incur an additional late fee for every payment missed. You will have a harder time paying your debt with added fees. Missing two payments in a row is worse because it will increase your interest rate and finance charges.
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 yo miss a payment, don’t wait until the next due to pay it or else you will 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. After that fill in the date of your paychecks.
If you pay a minimum payment, then it can help if you are not able to pay anything more. If you pay only the minimum, it can keep you debts from growing and will keep your credit in good standing.
Make sure to pay your credit card debt first because they have higher interest rates than other debts. Pay the credit card that has the highest interest rates first because it is costing you the most money.
Your debt list should be used to order the debts and pay them off accordingly. If you rank them, choose to pay first the one with the lowest balance.
It is good to have a budget with will let you have expense money for the month. It is important that you plan ahead of time so even if you see that you will miss some payments, you can take action immediately.
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