Strategies for managing and getting rid of debt, including debt consolidation, while not hurting your credit.
Credit card debt has a way of spiraling out of control. The worst thing you can do is ignore it and hope it goes away.
When you make poor financial decisions,
these details begin to appear on your credit report, which can prevent you from getting a home, insurance or even a job. Below is sound advice for getting rid of debt:
Stay busy: An idle mind is a devil’s workshop and a retailer's dream. If you go to the mall just because you are bored, you are bound to end up buying stuff you likely don’t need.
If you laze in front of the TV doing nothing, then the advertisers are bound to instill a yearning for something that you wouldn’t have wanted otherwise.
Throwing away money to keep yourself entertained when you could be using that time a lot more productively just won’t cut it if you are serious about getting out of debt.
Avoid paying fees when possible: Look out for other options where you can save on fees – for instance, going into a bank to withdraw money may seem like a hassle, but is it really worth spending $3 in ATM fees every time you withdraw money? Booking your movie tickets online may seem convenient, but is it really worth paying an extra dollar for the ticket?
Reuse and recycle: Reuse and recycle whatever you can. I never buy garbage bags. Instead I have small waste bins in my kitchen and bathrooms that I line with grocery bags. I don’t care if someone thinks that is cheap – it saves me money and is a small way to reduce my environmental footprint. So why should I bother about what snobs think.
You will be amazed at how many different places you can apply the reuse and recycle principle to save a few bucks!
Start a blog about your effort: If you are not comfortable about sharing it with the people you know, share it with strangers! The internet makes it so easy to have an anonymous public image! Use it! Create a blog and chart your progress.
You can create free blogs using software like blogger - it is easy and you don’t need to be tech-savvy to be able to do it. Nothing makes you obsessive about getting rid of your debt like encouragement from a bunch of strangers whom you have never met!
Besides, depending on your success, you may be able to monetize your blog and make it an additional source of income. Here are a few blogs to get you started blogging away debt, no credit needed, the simple dollar. A simple search for “blog debt” on goggle will show you many more if you are interested.
This has been general advice for getting rid of debt. Before starting a credit card debt-reduction plan, consult with a financial adviser or accountant to discuss your specific financial needs.
