Beware before Debts Become Your Burden
The holidays often are a time for togetherness and happy memories and, of course, money is spent. You have probably spent somewhere between $500 - $1,500 for donations or gifts in the holiday season if you're like the average American family. Now that your holidays are over and everything is paid off, it's time to take your debt plan seriously.
The majority of Americans carry debt on credit cards for several thousand dollars, not including mortgages, student loans or vehicle debt. Experts say it would take the average American 23 years to pay their credit card bills if only minimum payments are made. There are debt consolidation attorneys in OKC who can help you out, but it is better not to fall into such a situation.
Here are five things you should follow to get rid of debts:
Start Saving Now: Just as every bite is important for your diet when you’re trying to start better eating habits, every penny is important when you are trying to start saving rather than accumulating debt. Try saving as much as you can. Is it fun? No, not so. Will it help? Yes, that's right.
Reconsider Your Budget: You might already have a budget but considering your new holiday debt, it might require a revision.
Don’t Make Borrowing a Habit: Stop borrowing if you have any chance to avoid it. The borrowing costs often become so large that they cannot be repaid. Imagine everything you buy on credit costing double the price tag; for many Americans, that’s about what it actually costs once it’s paid off.
Interest Rates Can be Hefty: Many of us have several credit cards. Identifying each interest rate can be difficult because the credit card companies make it hard to get and understand this information. Once you know your different card interest rates, classify them from the highest to the lowest.
Try Making it Enjoyable: If you have the right attitude, saving money can be fun. There are numerous free activities to benefit from. Smartphone users can save money with a range of applications.
Now you know the tips to adhere to for avoiding debts. However, if you are already in money trouble, you should come to us at Chris Mudd and Associates where experienced and proficient debt consolidation attorneys in OKC will have your back.
** Disclaimer: This blog post does not constitute legal advice, nor does it create a client-attorney relationship.