6 Don’ts When You Have Debt

When you are in debt, it makes sense to focus on the do’s to get out of it faster. But these tips only work if you practice the don’ts, too. These pertain to bad money habits that you must kick to get out of debt for good. Below are 9 don’ts to implement today and become closer to a debt-free life.

1. Do not use your credit card.
Paying some debt while continuously making new ones will just cancel out your progress. The amount you owe does not shrink, and in fact, continues to grow. Stop using your credit cards. Cut them up if you cannot control your bad habits!

2. Do not open new credit cards.
A new credit card means another minimum payment to factor in every month. This is not a good idea unless you are taking advantage of a 0% balance transfer promo to consolidate your high interest debts.

3. Do not pretend your debt does exist.
No matter how much you ignore your bills, they will never go away. Dive into your credit card statements and be proactive in implementing strategies to lower your balance.

4. Do not pay just the minimum balance.
Pay as much as you can afford every month to pay off your credit card debt as soon as possible!

5. Do not spend without thought.
Be very careful with how you spend your money. Every dollar that you spend thoughtlessly robs you of an opportunity to get out of debt faster. Do you really want to be paying off debt for decades? You can enjoy life sooner if you focus all your efforts now on becoming debt-free. It is hard but it is not impossible!

6. Do not go at it without a plan.
Debt is overwhelming. Trying to tackle it without a plan is even more so. If you are to be successful, you must know all your debts, the status of the accounts, and how much you owe to the last cent. These information will help you arrive at a sum that you can afford to put towards debt each month to fast track your progress to getting rid of debt for good!

Ian Schindler