Avoiding debt is hard to do. Much worse is debt that is overburdening your life and can’t get out. Too much debt leads to stress, promote ill health, and may even lead to bankruptcy. With that in mind here are few ideas to follow.
- Carrying too many credit cards not only lead you to more debt but also wrap you in a vicious circle. One strategy is to pay lower balance credit cards first and not use them again. Be careful when tempting to cut cards which could lead to lowering your FICO Score. Limit the number of cards to manageable number.
- Think twice before charging that unwanted dress. Make a monthly budget and stick to it. Don’t give in to temptations and avoid impulse buying.
- Avoid using credit cards to pay your monthly bills. Paying for weekly grocery, utilities and other recurring expenses should be part of your monthly budget.
- Don’t use those credit cards that start charging interest from the day you use it. If you have to use a credit card, chose the one with the longest grace period better yet with the lowest interest rate too. Pay off the amount during the grace period to avoid paying hefty interest rates.
