Debt: turn this problem into a totally manageable situation
Having a debt represents at times that burden that one must deal with sooner or later. Although it may seem obvious, the first thing to do to overcome this problem is to accept that you have a debt. Fortunately, there are many good ideas we can apply to make debt more MANAGEABLE. You can split the payment of a debt into many installments, so that the payment of the debt is not overwhelming. Also, you should have a positive attitude towards your debt, since you are going to pay it in full.
Here are some tips or small steps to get started and make this process a little bit more manageable and less overwhelming.
Calculate how much you owe exactly
Knowing exactly how much you owe will give you real insight into your financial situation. Based on what you owe, work out a payment plan that fits your needs.
Reach an agreement or at lease work towards one
Discuss your financial situation with the bank or institution to which you owe. Express that you want to split the payment of your debt into many installments, as this is the safest way for you to pay it off. Communicate clearly what you want and they will understand you perfectly.
Control your fixed expenses
If you want your financial situation to be MANAGEABLE, focus your attention on fixed expenses. Eliminate what is not indispensable and only keep the important expenses. You will have enough money to pay your debt, without giving up the important expenses.
Stop!!! – Do NOT accumulate more debt
If you want to meet your goal of achieving a MANAGEABLE financial situation you must stop accumulating debt. Eliminate unnecessary expenses and credit cards from your life.
Create a financial emergency fund
The reason you have debt is because you don’t have the money to deal with unexpected situations. From now on, reserve a portion of your income for possible financial emergencies. As the months go by, you will have a money back up that will give you a lot of peace of mind.
Get used to a New lifestyle
A MANAGEABLE financial situation is based on a healthy control of money. When you have paid off all your debts, get used to living without acquiring debt. In this way you will definitely have left behind an unstable and harmful relationship with money.
Your Take Away Today
For your debts to be MANAGEABLE you must give them the importance they deserve. Paying them off little by little is a good solution, since that gives you peace of mind. Learn from this situation and change your attitude towards money.