When you’re overburdened with a huge amount of credit card debt and when you don’t have enough funds to make ends meet, you must be thinking of seeking debt relief by getting help of professional debt relief companies. However, did you know that it is always better to get debt relief on your own as you can save a considerable amount of money in the fees and success charges? Well yes, there is nothing that the debt relief companies will do for you and that which you can’t do on your own. Here are some DIY debt relief steps that you can take on your own in order to get rid of high interest debt burden.
Formulate a frugal budget and follow it: The spiraling consumer credit card debt level among the Americans is probably due to the large number of people who don’t follow a budget and if you’re one among them, you should immediately create a budget so that you can keep a close watch on your pennies. Make sure that you follow the budget throughout the month so that you don’t have to scrimp at the end of the month. Also evaluate the budget so that you may keep space for improvement.
Create a rainy-day fund: Unless you keep aside a certain portion of your money from what you earn in a month, you can never save money in the way you want. Experts are of the opinion that you should save at least 10% of what you make in a month so that you can create a rainy day fund that can be useful during a credit crunch. If you don’t have enough income, you shouldn’t postpone the idea of saving money. Instead, your aim should be to save money irrespective of what you make in a month.
Curb the usage of credit cards: You should curb the usage of your plastics as much as possible so that you don’t dig yourself further into the credit card debt hole. Stuff your wallet with cash and resolve to buy the things that you simply can’t do without. The more you spend, the more you’ll be closer to leading a lifestyle that is above your means. Therefore, write down your expenses and always try your best to keep them way below your income level.
Get professional help: When you feel that you can’t manage your high interest debts on your own, you should not delay getting help. You should look for professional debt help from any debt relief company like the debt consolidation, debt settlement or credit counseling agency. Make sure you reduce the interest rates and repay the entire amount without failure.
Thus, when you’re contemplating bankruptcy, you should give a second thought so that you don’t trash your credit score in the long run and prove yourself to be unworthy of getting new lines of credit at an affordable rate. Go for the DIY debt relief options and get back a grip on your finances.
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Tuesday, 21 February 2012
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