yesterday i realised that i am living in a world full of DEBTS...!!! hahah, trust me when i say, i regret having this debts...all over me..night and day...arrrggggghhhhhhhh!!! stupid me!
but here are some tips (i browsed thru the Internet to find my own 'sanity') that i found...
8 milestones in your journey towards a debt free life: --hope these might help
- Study your credit report and evaluate your debt: The stepping stone to be debt free is to admit that you have debt, and are willing to be a free bird. Evaluate your credit report carefully and calculate the amount of debt you owe. The bill payment history in your report is a proof of how regular you had been during your past payments. Clear the accounts with the higher interest rates first. This will help you to save a lot of dollars. Without having a clear picture of your financial standing, it is very difficult to solve your problems.
-Budget your expenses and avoid adding even a single dollar to your debt amount: It's time you stop being a spendthrift. Change your spending habits. Keep a careful trace on the amount you earn and your basic expenses. Try and curtail your expenses as much as possible. This is all about changing your ways in life. By all means do not let a single dollar to be added to your already over burdened debt condition.
-Squeeze out extra money and accelerate your repayment: Curtail your present modes of lifestyle and shell out some extra dollars to your creditors in order to clear your debts faster. You can also try out a part time job and save some extra dollars. Take one account at a time. Clear your account with higher interest rates first. This will help you to save a lot of dollars.
-Choose the right method to clear your debts: There are various options for debt solutions. But selecting the right option is what matters most. You must be aware that one wrong step can ruin your future. The choice of your debt solution method should ideally depend on the type and amount of debt you are undergoing.
-Choose the right firm: very important for you to choose the right firm to seek help from.
-Eliminate credit cards: Close the account immediately once you have finished paying the debts for a particular credit card. Keeping the card with you can further cause temptation to use it. Never roll balances from one card to another as this has got some disadvantages. With every new card you have, you generate an outstanding open credit line. This will also be reflected on your credit report. Moreover, lenders might not allow you to roll your balances. Keep in mind that introductory offers are quite tempting but may not be all that good after a certain period of time. With careless moves you could be stuck with high balances. ---this i got to learn how...
-Be careful about the equity in your home: The rates on home equity loans are much lower when compared to the rates charged on outstanding credit card balances. Further the interest on a home equity loan may be deductible.
-Take professional help: Overspending for some people are a psychological problem. It can be a habit or an addiction like alcohol, gambling or taking drugs. Social problems like divorce and loss of a job or unavoidable emergencies like physical ailment can also be a cause. ---hopefully i'm still fine..
----HELP!!! S.O.S!!! again..uwaaaaaaaaaaaaaahhhh.....
