Business and Finance

Bills keep coming and debts are piling up? When this happens, you should immediately change the attitude of the focus out of debt. If not, debt bondage will handcuff your life with interest expense continues to swell.

Try the following trick as a guide out of the bill and debt problems for the convenience of the future, as quoted from She Knows:

1. Cut out a credit card
Credit card is a form of loan with the highest interest. Change your mind set, that the credit card is not a ‘source of income’ which could be spending extra money, but credit card debt is for the state of emergency, not to finance day-to-day lifestyle.

Immediately pay off all your credit card debt. Reduce the number of credit card ownership also. Just one card for emergency needs. Get rid of credit card from a tertiary consumer. Begin to pay for something with cash. Do not have money on hand? Do not buy!

2. Search for additional income
One way to ensure you do not fall back on credit cards are holding more cash on hand. You can start thinking of ways to supplement their income through a second job or overtime. When it gets more money in cash, use a scale of priorities. The main one, use it to pay the debt, the rest to fund reserves.

3. Paying off debt
Slowly pay off all debts, ranging from the smallest bills to elated. Which one is paid off, the other face. Slowly but surely. Maybe it takes a long time, but you have a solid plan to finally be free from debt bill.

4. Save for emergencies
Every month, you must set an emergency fund and make sure to save the minimum amount in the account. Emergency funds will prevent you from using a credit card even though the conditions of a sudden. Save around Rp5-10 million in the account. It would be useful if you suddenly faced a problem that requires you to spend money. Do not let your debt anymore.

5. Paying bills on time
As much as possible make sure you are not late in paying bills. If indeed you people irregular, note the due date on the calendar. You can also set up automatic payments with banking facilities. Be sure not to be late because you will be dealing with overdraft fees or fines that will be more confusing.

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