How to Manage Your Growing Debt

 

It started with a small charge, maybe a medical bill when your kids had the flu. Then you needed groceries, but there wasn’t enough left over to buy them. Now you have thousands of dollars in credit card balances that you aren’t sure how to pay off. These debt management strategies and experts such as, Rescue One Financial, may help.

Develop a Budget

Understand how much you take home each and every month, pay period, or week. This will help you develop a budget. Make a chart with all of your bills. Using a spreadsheet can help you keep a running total. 

Ask Creditors to Reverse or Waive Fees

Reach out to creditors if you miss a payment, make it late, or maybe you overdraw your checking account. Explain the situation and see if they will waive or reverse a charge. 

Pay at Least the Minimums Every Month

Pay the minimum payments or more every month. Do not skip these, since it will result in fees, higher interest, and a ding on your credit report. If you aren’t able to make your payments, contact a debt agency like Rescue One Financial that can help you weigh alternatives. 

Develop an Emergency Fund

Set some money aside for an emergency fund as soon as you can. This way you don’t build more debt when those unexpected bills come in. 

Using these strategies can help you pay down your debt and prevent you from accumulating more. They will take discipline but knowing you can pay your bills will make it all worth it in the end. 

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