How To Manage Your Debt? Tip #3

Stick to your means – move yourself in spending within your limits. It is okay to let yourself have some rewards once in a while but be sure to have some limitations in having one. Live within your means especially for those you have to support financially their children. You can plan those luxury items that you wish to buy in those months that you think is not quite crucial on your budget.

How To Manage Your Debt? Tip #2

Reduce credit card expenses – since credit cards usually have high interest rates, avoid as much as possible using this type of credit. Since you want to pay off your credit card debts, might as well discontinue using it. Pay off those credit cards with higher interest rates first so that you may be able to reduce the amount you are spending. You may also consolidate your debt within your home loan or consider moving your high interest rate credit card to a lower one. Check the annual fees and try to ask credit card issuing companies to remove these fees.

How to Manage Debt? Tip #1

Make a Budget – it may be quite stressful and time consuming, but having a budget and sticking to it may be a better way of managing your debt. Check which things are necessary and which are not. Review your household income and expenses to know your standing at every month. Try to eliminate expenses which are not planned. Come up with a budget of what you intend to spend in a month and compare it on the actual spending you had on the previous month.