How are You Managing Your Debt?

Tactics to getting you back on track

Debt management.  It seems easy enough right? Just pay what you owe and work hard and eventually you will pay off that bill and never have to think about it again.  But what if you get laid off from your job, or another bill starts to take away from your payments on another one? Because of so many different scenarios many of us have fallen into debt.

Especially with the state of the economy, many of us need to re-evaluate our finances and pinch pennies.  But if you have incurred some debt, what can you do to get back on track?

Credit Card Statement
Well the first thing to remember is paying the minimum payment is not going to pay off your debt.  If you have read your credit card statement recently you should be seeing some changes.  Because of the new Credit Card Act that was put into effect last month, credit card companies are required to tell you more on your monthly statement.  So take a look, you could be surprised in what you find.

Look to alternative spending
Cut back on the “luxuries.”  If you are a woman and like to get your nails done, instead do it yourself.  It may not look as great, but it could save you more than you think.  Also look to the store brands than name brands.  Many have found that these store brands work just as well as there name brand counterparts.  Take a vacation at home.  Instead of spending money on air fare, hotels and everything in between, go for trips to favorite local spots and spends quality time at home.

Actively look for solutions
Sometimes you just can’t do it on your own.  It’s ok look to debt management programs if that is the case.  Sometimes these types of alternatives can really help people manage their debt and actually get out of it.  It is ok to ask for help every now and again.

Also take into consideration it took you some time to get into debt—so in turn it is going to take you some time to get out.  There isn’t going to be a quick fix.  Once you accept that you can look to solutions and get back on track.  Debt resolution programs are just one of many ways to help you get back on track.

Shannon Suetos is a writer based in San Diego, California. She writes extensively for Resource Nation, an online resource that provides expert advice on purchasing and outsourcing decisions for small business owners and entrepreneurs.