How To Beat Debt - Debt Management Guide

There is no quick solution to debt, but the quicker you admit that you have a debt problem and start to deal with it the quicker it will go away. If you don’t start now, your debt will just get bigger and bigger, which is not what you want.

Start by:

• Make yourself a limit for your next month and make sure you stick to it. Make the limit as small as possible, so you won’t just increase your debt.
  
  
• Cut down on luxuries. Don’t buy alcohol and other expensive drinks. Stop going to the cinema, stop taking taxis, stop buying tobacco, go to cafes instead of restaurants. Stop buying expensive branded goods – Buy ‘Better Buy’ goods from supermarkets and do not get tempted by branded goods which are in two for one deals when you can get the same amount for much less with the supermarkets own brands.
  
  
• Don’t use your credit cards unless you have to, and if you have to only use the one with the lowest interest rate on it. You may wish to cut up your store credit cards and ones with high interest rates on to stop the temptation to spend on them.
  
  
• Log your incoming and outgoings every month. If your outgoings are more than your incomings you need to increase your income or cut back a lot more if you are going to beat the debt.
  
  
• Try to cut back on everything for a month or two and don’t spend on anything you don’t have to. It will be easier and more rewarding that spending a year half-heartedly cutting back.
  
  

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