Manage your Debt

If you want that the debt should remain under control figure out where you are spending and identify avoidable expenses. Note down every cent you spent every day, total it up at the end of the month then compare it with your income. Analyze your saving is plus or minus. If it is minus or otherwise, figure out the expenses which you could avoid. Sum up the avoidable expenses and then you will see that it makes a considerable amount. Generally while spending small amount, we feel that it won’t make much difference but it is not so. When you add up for the whole month you will see that it makes much difference and the amount so saved can be used for your debt payment.

Add up all your debt and interest charges for each debt. Now pay your debt with the money you saved by cutting down unnecessary expenditures Pay down the debt with the highest interest rate first. Once the highest interest rate debt is wiped out, pay the debt with next higher rate. You can even transfer your higher interest rate credit card \ balance to a card with a lower interest rate.

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