How to Get Though the Turbulent Waters of Debt


Some simple steps can reach you to a safe shore when you are frantically in a lookout for grabbing on to something in the turbulent waters of the debt.

All the time you may be thinking and cursing yourself for the difficult situation that you have put yourself into, which is a natural feeling because it is you who is to blame for such unfavorable situation.

If you did not ignore the impact and consequences of debt right from the very beginning then you could have avoided these salty waters.

Start with budgeting and if you are not aware of such a thing then take help of the several budget tools that are available on the internet.


#1 Start Paying Immediately

A proper budget will enable you to know about your income and all your expenses, both the necessary as well as the unnecessary ones.

Identify the unnecessary one and strike them off so as to reduce your monthly expenses. Once you do so you will be able to save some money which you should use only for paying off your existing debt immediately.

Pay the debts according to the rate of interest each carries starting with those that have high rates. Credit cards are the one that charges the most and therefore you should start with paying those off.

Try to may more than the minimum amount due so that you can clear each fast.


#2 Do Not Ignore Others

While you pay your debt according to the rate of interest each carries, you should not ignore the other debts which carry lower rates.

Pay the minimum amount of each so that you can avoid the penal charges for non-payment. Paying less than the minimum amount will not serve your purpose as it will result in eventual piling up of the debt.

You can consider for balance transfer for this matter where you can take over most of the debt in one particular debt. Checking out for credit card consolidation loans can be beneficial in many cases as it is helping many people in today’s time.

Consolidation is effective and can make the difference. So, check it out and go for it when needed.


#3 Tricks For Balance Transfer

There are some tricks and catches for balance transfer.

When you have a card which has enough balance in it to pay off the small debts of other cards, you can transfer the balance of the multiple debts into one, however high the rate of interest is.

You can choose zero interest balance transfer but make sure that you pay off the entire debt before the balance transfer expires.

Strategic planning is required for balance transfer so that you are not hit with a debt having a higher rate of interest.


#4 Manage Your Finance

One of the best ways to manage your finance is to limit the use of credit cards, if not stop using them completely.

Even if you have to use a card try to pay the debt as soon as possible without waiting for the monthly bill. All this can only happen if you cut your cost and start saving.

Try to make most of the purchases in cash which will once again limit your expenses.  


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