If you use your credit card every time you make a purchase, you may or may not be thinking about the debt you are piling on. Credit card debt controls your income. If you are carrying credit card balances, you may still be paying for items that you bought months or even years ago. Credit card debt has your income earmarked forever.
If you are asking yourself, after the fact, how you got so far into debt, you might consider getting some debt management help. If your debt is controlling you vs you controlling it, there are steps that you can take to turn it around, if you want to.
Financial planners will tell you that managing your debt is the first thing you need to do if you want to get financially fit. Financial planners will also tell you that if you use your credit cards for every purchase, even your basic needs, it may be a red flag that you are headed for financial trouble.
Your Own Debt Management Program
Before you consider getting any debt management help, you may want to learn more about debt and how truly damaging it can be to the financial side of your life.
The Damages Of Debt
- Debt costs too much money.
- Debt controls you.
- Debt can take a very, very long time to clear up; which then costs you even more money.
- You pay twice as much for an item when you go into debt to buy that item.
- Debt damages your credit scores.
- If your credit scores are below 750 you will pay more money on your loans, insurances and maybe even your rent.
- If the damage to your credit scores drop those scores close to the 300 mark, you may need debt management help plus credit repair help.
- And that’s okay because there are both credit repair services and debt management services available in the market place to help you with both.
- Credit repair services will help get you back on track so that your debt is more easy to manage.
How To Fix Debt
- Only buy what you can afford to pay off once a month on your credit cards.
- Only buy what you need not want.
How To Better Manage Future Debt
- Adjust your spending habits.
- In the future only buy what you need.
- Avoid carrying any credit card balances.
- Start budgeting your money.
- Create a budget and stick to that budget.
- If an item is not on the budget, do not buy it.
- Create an emergency fund or rainy day fund; so you do are not tempted to use your credit card for every thing.