Essential Keys to Overcoming Bad Debt Management Part 3

» Posted by on Sep 30, 2015 in Emotional, Financial | 0 comments

Essential Keys to Overcoming Bad Debt Management Part 3

Essential Keys to Overcoming Bad Debt Management: Welcome To Part 3 Of Series

We have covered a good amount of information so far but the good thing is that there is more information to absorb.

If you have not, I would recommend that you click here to read the previous installment of Essential Keys to Overcoming Bad Debt Management.

If you have read it, then lets proceed further.

Essential Keys to Overcoming Bad Debt ManagementEssential Keys to Overcoming Bad Debt Management: Five Debt Management Keys to Success (Continued)

Managing ones debt is critical. Debt management teaches you how to handle your personal finances. Here are two of the five important principles to use in learning how to best manage your finances.

 

Essential Keys to Overcoming Bad Debt Management Key#3: Follow Your Budget Plan

One major key to success in debt management is establishing and following a budget. Your budget should allow you enough money to pay your debts and still have your necessary living expenses. The closer you follow your budget, the more likely you will succeed in becoming debt free.

Success comes by consistently paying your debts. If you pay your debts first, then you know exactly how much money you have to live on.

Be sure to record and document each transaction. It doesn’t matter what method you use to keep track of your payments. You can write them in a checkbook ledger, put money in envelopes for each budget category or enter each transaction into a computer program. The real key is to know exactly how much you spend in each of your allocated budget categories. When you’ve spent all the money for a given category, you’re done for the month.

 

Essential Keys to Overcoming Bad Debt ManagementEssential Keys to Overcoming Bad Debt Management Key#4: Tear Up All Your Credit Cards

One of the biggest reasons people accumulate so much debt is the use of credit cards. It’s easy to charge something. You don’t have to pay cash. It’s like the old saying “Out of sight, Out of mind”. If you don’t see the money going out, you’re not as aware of you spending.

 

Essential Keys to Overcoming Bad Debt Management: Use The Resources

Your debt management counselor has many more resources than you do. They can make financial arrangements with your creditors to lower your payments and interest rate. In most cases, you will have to agree not to accumulate any more debt.

Tearing up your credit cards takes away the temptation to increase your debt. It’s easy to say something doesn’t cost that much, so a little charge here and there won’t hurt. Don’t deceive yourself. That’s how people get into financial problems in the first place… Get rid of the credit cards. Pay cash or pay nothing.

 

Essential Keys to Overcoming Bad Debt ManagementEssential Keys to Overcoming Bad Debt Management: Stay Tuned For Part 4

Be sure to look out for part 4 because in the series we will go into the Essential Keys to Overcoming Bad Debt Management. We will start in the next article. Therefore you do not want to miss the rest of the parts in this series.

Have a great day and keep your eye out for the next installment of Essential Keys to Overcoming Bad Debt Management.

 

Take Care And God Bless

Greg “Da Spokesman” Stargell

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Essential Keys to Overcoming Bad Debt Management


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Essential Keys to Overcoming Bad Debt Management

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Essential Keys to Overcoming Bad Debt Management


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