How to Evade "Getting Into Debt"
The question how to get out of debt arises in almost every person's mind that is under stress of the debt.
Here are some useful tips to get out of debt.
People take debt to accomplish their work in advance for which they do not have cash.
This is very rarely profitable and mostly results in loss.
Another way to become a victim of debt is the use of credit cards.
You may use credit cards and may also take debts from other sources after proper planning to utilize it for your benefit.
Here are 7 ways to get out of debt: 1.
SPEND ACCORDING TO YOUR INCOME - There are thousands of needs which you can not fulfill with limited income.
Therefore always determine what you need inevitably, what you can postpone.
When you start thinking about balancing your income and expenditure, you will see it easy to reduce your debt.
2.
SAVE MONEY - When you plan your expenditure; always plan to save some percentage of your income as savings.
These savings are very helpful to get rid of the debts.
There are many ways to save your money.
You can do so by cutting utility bills i.
e.
electricity, fuel and phone by using them carefully.
You should use some latest, non branded but standard products.
3.
CASH PURCHASE - Try to purchase daily items with cash instead of using credit cards.
In this way you can save your money from 20% to 25%.
Almost every credit card charges some percentage on every transaction.
Some surveys tell that people spend 47% more by using credit/ debit cards instead of paper money.
Use of cards is beneficial only when you are traveling.
This can save you from any mishap of losing your money.
4.
USE ONE CREDIT CARD - Multiple credit cards charge many fees.
So try to use only one card and say no to banks when their agent comes and compels you to have their card.
5.
ATM CASH ON CREDIT CARDS IS UNFORTUNATE - Do not use your debit card for cash purposes on any ATM.
There are many charges on the transaction.
The vendors charge extortionate fees and interest rate.
This can lay a burden of debt.
This can be avoided if you stay away from the use of your credit card at ATM.
6.
ELIMINATE UNNECESSARY EXPENDITURE - Many people spend their money unnecessarily without being aware of the menace of debt.
You can act upon some simple rules, make a list of your shopping and then have a look on it.
Can you do without any of the items? Leave it.
And if there are items which can not be left try to find substitutes.
Use home made food, and do not use spicy and delicious food of market.
This may save your money to a great extent.
Consequently, you may be relived of unwanted debts.
7.
WORK PART TIME - The last thing to know how to get out of debt is working part time.
If you have some free time; use it to earn money.
You can select a work of your choice and interest which may not only pay you some extra money, it may keep you busy and tension free too.
The long and short of this discussion is that you need to master self control.
You should try to increase your earnings and at the same time minimize your expenditures.
Try to avoid wasting that extra buck you toiled so hard to earn.
If you succeed in restricting yourself from spending unnecessarily, you can remain free of debts forever.
Here are some useful tips to get out of debt.
People take debt to accomplish their work in advance for which they do not have cash.
This is very rarely profitable and mostly results in loss.
Another way to become a victim of debt is the use of credit cards.
You may use credit cards and may also take debts from other sources after proper planning to utilize it for your benefit.
Here are 7 ways to get out of debt: 1.
SPEND ACCORDING TO YOUR INCOME - There are thousands of needs which you can not fulfill with limited income.
Therefore always determine what you need inevitably, what you can postpone.
When you start thinking about balancing your income and expenditure, you will see it easy to reduce your debt.
2.
SAVE MONEY - When you plan your expenditure; always plan to save some percentage of your income as savings.
These savings are very helpful to get rid of the debts.
There are many ways to save your money.
You can do so by cutting utility bills i.
e.
electricity, fuel and phone by using them carefully.
You should use some latest, non branded but standard products.
3.
CASH PURCHASE - Try to purchase daily items with cash instead of using credit cards.
In this way you can save your money from 20% to 25%.
Almost every credit card charges some percentage on every transaction.
Some surveys tell that people spend 47% more by using credit/ debit cards instead of paper money.
Use of cards is beneficial only when you are traveling.
This can save you from any mishap of losing your money.
4.
USE ONE CREDIT CARD - Multiple credit cards charge many fees.
So try to use only one card and say no to banks when their agent comes and compels you to have their card.
5.
ATM CASH ON CREDIT CARDS IS UNFORTUNATE - Do not use your debit card for cash purposes on any ATM.
There are many charges on the transaction.
The vendors charge extortionate fees and interest rate.
This can lay a burden of debt.
This can be avoided if you stay away from the use of your credit card at ATM.
6.
ELIMINATE UNNECESSARY EXPENDITURE - Many people spend their money unnecessarily without being aware of the menace of debt.
You can act upon some simple rules, make a list of your shopping and then have a look on it.
Can you do without any of the items? Leave it.
And if there are items which can not be left try to find substitutes.
Use home made food, and do not use spicy and delicious food of market.
This may save your money to a great extent.
Consequently, you may be relived of unwanted debts.
7.
WORK PART TIME - The last thing to know how to get out of debt is working part time.
If you have some free time; use it to earn money.
You can select a work of your choice and interest which may not only pay you some extra money, it may keep you busy and tension free too.
The long and short of this discussion is that you need to master self control.
You should try to increase your earnings and at the same time minimize your expenditures.
Try to avoid wasting that extra buck you toiled so hard to earn.
If you succeed in restricting yourself from spending unnecessarily, you can remain free of debts forever.
