{"id":106,"date":"2024-12-24T19:30:06","date_gmt":"2024-12-24T19:30:06","guid":{"rendered":"https:\/\/debtfreecounselor.com\/?page_id=106"},"modified":"2024-12-25T08:48:25","modified_gmt":"2024-12-25T08:48:25","slug":"important-debt-management-tips","status":"publish","type":"page","link":"https:\/\/debtfreecounselor.com\/creditcaretips\/management.html","title":{"rendered":"Important Debt Management Tips"},"content":{"rendered":"
\n
\"Important<\/figure>\n<\/div>\n\n\n

Modern debt management is more than just paying your debts. Personal debt management is walking the fine line that ensures you have credit available the next time you need it. The best tip to manage debt is to begin debt management before you become a borrower.<\/p>\n\n\n\n

Know before you owe.<\/strong><\/p>\n\n\n\n

These simple, yet effective steps will save you a lot of money and help you keep your financial life in order:<\/p>\n\n\n\n

Track your money. <\/strong>Know how much you have and how much income you can reasonably expect in the near future. Know what your monthly expenses are and what you have left to pay creditors.<\/p>\n\n\n\n

Save before you borrow.<\/strong> The best time to charge is when you really could pay cash. Although that\u2019s not always possible, it is possible to build a money reserve that can cover several months\u2019 expenses if you run into financial problems.<\/p>\n\n\n\n

Investigate before you borrow.<\/strong> Look at borrowing as \u201cbuying money\u201d. Comparison shop to find the best money bargain available whether you\u2019re shopping for money through a bank, a finance company, or applying for a new credit card.<\/p>\n\n\n\n

Beware of the large print!<\/strong> Nothing down, no-interest or low interest may look attractive but such offers frequently are filled with fees and penalties that can turn ugly if you get in a pinch. Always read the fine print!<\/p>\n\n\n\n

Have a personal debt management plan<\/strong> in place to pay back before you borrow. The easiest way to lose control of your money is to let your lender make the decisions about your monthly payments. This is especially true for credit card debt<\/a>.<\/p>\n\n\n\n

Keep records<\/strong> of credit card purchases, what you bought, the date of your purchase, and a plan to pay for the item(s).<\/p>\n\n\n\n

Although you are required to make a monthly minimum payment, set a goal for paying major credit card debts (i.e. appliances) within a specific time frame like three to six months.<\/p>\n\n\n\n

Pay up small credit card purchases monthly.<\/strong> Sale items are no longer bargains when interest accrues to the sale price.<\/p>\n\n\n\n

Tack on interest charges and credit card fees<\/strong> in addition to your principal payment. For example: You\u2019ve budgeted $100.00 a month in payment for a new TV. The interest and fees on your credit card statement total $24.19. Your total payment = $124.19. That way you won\u2019t be paying interest on accrued interest.<\/p>\n\n\n\n

Prioritize your debts. <\/strong>A mortgage or car payment is more important than a credit card payment. Similarly, paying down a credit card with a 20% interest rate is more important than paying down a credit card with a 5% interest rate.<\/p>\n\n\n\n

Know your rights as a debtor. If you live in the US, the Federal Trade Commission (FTC) is an excellent resource both to help you manage your debts and provide you with valuable information should your debt spin out of control.<\/p>\n\n\n\n

Debt management advice isn\u2019t written in stone. Modify personal debt management tips and advice to work with your budget and your situation.<\/p>\n","protected":false},"excerpt":{"rendered":"

Modern debt management is more than just paying your debts. Personal debt management is walking the fine line that ensures you have credit available the next time you need it. The best tip to manage debt is to begin debt management before you become a borrower. Know before you owe. These simple, yet effective steps … Continue reading “Important Debt Management Tips”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-106","page","type-page","status-publish","hentry"],"yoast_head":"\nDebt Management for Credit Debt | Credit Care Tips | Debt FREE Counselor<\/title>\n<meta name=\"description\" content=\"Receive debt counseling from our debt counselors. 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