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How To Manage Your Debt Burden

Here are some facts on how to manage debt if you are in one:

Face The Facts: Your first step is to discover the extent of your financial problems. As soon as you face up to the situation, paying off your debts may be simpler than you realise. Begin by collating your latest bank statements, tracking down any misplaced pieces of paperwork and opening those bills you have been ignoring. Next, make a list of how much you owe and the rates of interest. Once you have this information, you can prioritise your debts.

Draw Up A Budget: Next, work out how much you can afford to spend on debt repayment each month. You can then put this amount towards your debt repayment every month.

Once you know exactly how much you can afford to allocate to paying off your debts, you will be able to devise a repayment plan to suit you.

This is also a good opportunity to assess your spending habits and see if you can cut back on luxuries you can really do without. Simple steps such as taking a packed lunch to work and giving up your morning latte can make a significant difference to your bank balance.

If you owe money on expensive credit cards, find out if you can transfer your debt onto a zero per cent balance transfer credit card. These clever cards eliminate interest charges for an introductory period, ensuring that every penny you repay goes towards beating down your balance. However, to make the most of this type of deal, you must ensure you repay your debt within the offer period.

 

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