Manage Your Debts

It is very advised to avoid debts and credit as much as you can. However, in fact, debts are actually inevitable. One thing that people can do is minimize their debts. And the other thing is manage them. The following are three easy steps to manage your debts:

  1. Monitor and control your debts. Get a report of all your debts and credits. This is very important to monitor how much you have spent for your credit card or other debt, your payment history, and telling you your late payments. It will help you control what should you prioritize and what debt you should get over by the next period.
  2. Do not dispose your loan receipts. Gather your loan statements and match them with your debt report. It is useful to monitor your outcome, and other extra payment that you have to do. Extra payments are always surprising. So, by monitoring it, you will be aware of the transaction that may cause extra payment.
  3. Be aware of the interests you are paying. Credit or loan interests are usually informed in loan statements. Getting aware of it will let you know of what debts you should prioritize – pay them first.

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