How To Better Manage Your Debt

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If you are like most people these days, you are probably worried about money. Whether you are American, Greek, Egyptian or anything else, more likely than not, the last six years have been especially difficult for your bank accounts. Many people are not just dealing with low bank accounts, though, they are also dealing with debt.

Debt comes from all sorts of life choices that people make. Where they went to college, what kind of houses they live in, and what kind of televisions they watch are just a few those choices. Whether you are dealing with credit card debt, student loans, or a mortgage, it is important that you know how to manage your debt well. Below are some tips and tools for better managing your debt. Make the changes that seem right to you.

Debt Tip #1 – Pick the right cable provider.

Reducing your monthly bills is an important step to take when you are trying to better manage your debt. (It’s actually good step for anyone, debt-ridden or debt-free.) When you think about your monthly bills, your cable bill is probably amongst the highest ones. It is also one that can easily be lowered with just a little investigation.

Do some research on all of your cable provider options. Ask your neighbors and nearby friends what their cable packages look like. Once you’ve found the lowest price, call up the provider to sign up. And don’t forget to ask if there are any current deals – sometimes you have to ask to get them.

Debt Tip #2 – Make some calls.

Sometimes you can get your monthly payments on a loan lowered by simply calling the bank, getting a representative on the phone, and asking for a better rate or a longer term on your loan. (This can also be used for utility services like cable and internet providers)

Make sure you are polite and personable and do your homework. Know what the average rate is on the specific kind of loan you have. If your rate is higher, ask them to lower it. Just be nice, and be ready to hear “No.” But when you do hear “no,” ask the representative what the bank can do to make your situation easier. If you have always made your payments on time, mention that.

Debt Tip #3 – Lower your energy and water bills.

It can be easy to save money on your utilities by making some changes to your lifestyle. Not only will these adjustments lower your monthly energy and water bills, they are also good for the environment.

Make sure you are using only compact fluorescent bulbs in your home, which are slightly more expensive but last much, much longer and use less energy. If you need a new appliance, make sure you buy one that is energy and water efficient. Take steps to use less water and less electricity in your house.

Debt Tip #4 – Spend less money.

Does this sound obvious? It would seem that it does, but still many people with heavy loads of debt keep spending excessively. Make rules for yourself, like you will cook dinner at least five nights a week instead of ordering in. Use public transportation when you can, or even better, go for a walk. Cut up your credit cards if you need to do that to stop using them! 

About the author: Carl Petoskey is a seasoned freelance writer with years of experience covering debt related topics. If he’s not writing, he’s usually trying to find the best business phone services for local companies or working on his forthcoming novel.

Comments: 17

  1. Antonio February 3, 2013 at 3:52 am Reply

    I’m attempting to be financially responsible. I wish to have the ability to retire later on and never have lots of debt. I wish to steer clear of the garnishments and the like things. At this time I don’t possess a back-up therefore if any problems happen I wont have the cash to pay for the expense. Help me with a few suggestions about the way i can better manage my money. I’ve attempted the envelope system. I’ve attempted the checking account. I truly am desperate! HELP!

  2. Debbra February 13, 2013 at 11:28 am Reply

    I want some motivation people! I wish to invest in reducing my charge card debt this season but, it appears a little overwhelming. Please share tales of methods you reduced your financial troubles. Maybe that may psych me as much as keep compromising and having to pay off these financial obligations. Thanks!

  3. Laure February 14, 2013 at 11:36 am Reply

    I owe a sizable cc debt that I don’t know yet if I will have the ability to repay. Exactly what does it cost companies to file a lawsuit a person for just 14,000.00?

  4. Kiersten March 3, 2013 at 5:15 am Reply

    I’m thinking about filing personal bankruptcy. I understand that consumer plans – debt consolidation reduction are an alternative choice. If anybody can provide me info on this it might be much appreciated and also the most thorough answer can get 10 points – again thanks.

  5. Hildegard March 7, 2013 at 8:36 pm Reply

    This is a excerpt from Lucent Technologies Management?

    Executive Summary We design and provide the systems, software and services that drive next-generation communications systems. Backed by Bell Labs research and development, we use our talents in mobility, optical, access, data and voice networking technologies, in addition to services, to produce new revenue-producing possibilities for the clients, while enabling these to rapidly deploy and manage their systems. Our subscriber base includes communications service companies, government authorities and businesses worldwide. We’ve three segments organized round the items and services we sell. The reportable segments are Integrated Network Solutions (“INS”), Mobility Solutions (“Mobility”) and Lucent Worldwide Services (“Services”). Inches supplies a wide range of software and wireline equipment associated with voice networking (mainly composed of switching items, which we very often describe as convergence solutions, and voice texting items), data and network management (mainly composed of access and related data networking equipment and operating support software) and optical networking. Mobility provides software and wireless equipment to aid radio access and core systems. Services provides deployment, maintenance, professional and handled services meant for both our product choices in addition to multi-vendor systems. Starting in fiscal 2001, the worldwide telecommunications market deteriorated, caused by home loan business the competitive local exchange company market along with a significant decrease in capital investing by established service companies.This trend intensified throughout fiscal 2002 and ongoing into fiscal 2003. Causes of the marketplace degeneration incorporated general economic downturn, network overcapacity, customer bankruptcy, network build-out delays and limited accessibility to capital. We feel that the marketplace for telecommunications equipment has stable and it is beginning to develop in a few areas. The growing demands of businesses and customers for further services customized for their needs is creating the requirement for a brand new convergence of systems, technologies and programs. Needed 1. While using Consolidated Balance Sheets for Lucent Technologies for September 30, 2004 and 2003, make a common-size balance sheet. 2. Assess the resource, debt, and equity structure of Lucent Technologies, in addition to trends and changes located on the common-size balance sheet. 3. What concerns would traders and creditors have according to only these details? 4. What additional financial and nonfinancial information would traders and creditors desire to make trading and lending choices for Lucent Technologies?

  6. Joline April 8, 2013 at 6:27 pm Reply

    No home possession

    debt consolidation versus. consolidation?

    A lot of companies to select from & all of them grow their offers! Scam or legitimate?

  7. Dustin May 12, 2013 at 9:07 am Reply

    We’re searching to utilize a managing debt company for the financial obligations and also play one that’s trustworthy because there appears to become a lot of.

    Interesting help ahead of time.

  8. Coletta June 7, 2013 at 2:05 pm Reply

    I’ve been told that transporting a little balance of under 30% in your charge card increases your Credit Score. The idea being, that if you’re able to prove you can handle your financial troubles making regular obligations onto it, your score increases. I’ll be using for any vehicle loan soon and wondered if getting the little debt can make my vehicle application more appealing, or will hurt me.

    Thank you for you help

  9. Danica September 15, 2013 at 12:01 am Reply

    How different is graduate school from college and school?

    And… what’s the typical focus of the graduate and university student outdoors of educational existence? Getting a job to handle financial obligations?

  10. Ruthann September 29, 2013 at 4:02 pm Reply

    I’ll be graduation soon about 20k in student financial loans. I additionally have about 10k in charge card debt. Can there be in whatever way to lump it altogether?

  11. Wilson October 23, 2013 at 10:54 pm Reply

    I’m 31 and also have a lengthy listing of hospital visits where I could not pay, or after i got insurance I’d a surgery which i could not pay my 20%, that kind of stuff. Many of them come from the first 2000’s, but I’ve got a couple of ER visits from 2007-2011. I have not were built with a good job ever. I lately got from college with my Masters degree and i’m now making $60,000/yr and I wish to pay my old financial obligations before they freeze my banking account or something like that. I’ve $65,000 in student financial loans that i’m presently having to pay on the ten year period and i’m promptly, and so i researched my credit on Transunion and that i are only able to find 4 hospital bills and something $30 utility bill which i understood nothing about. I understand you will find greater than 4 hospital visits I did not purchase plus they were prior to the ones for auction on my credit, so I’m not sure how to locate them because the hospital stated they do not know things to let me know simply because they visited collections. Around the 4 I’ve it states “is going to be removed on or about 12/2014″ and I’m not sure what which means either. Any advice? I wish to start purchasing a home soon, and i’m attempting to manage my debt. I’m scared I will invest my profit savings and someone can come go without me knowing or perhaps getting an opportunity to pay it.

  12. Oretha November 12, 2013 at 2:04 am Reply

    I lately needed to defer my salary inside my project for a long period and can’t manage to pay my charge card debt. What must i do? A buddy advised me not to result in the next obligations and negotiate with charge card companies around the debt. Is that this smart? Can you advise I actually do another thing? Thanks.

  13. Jewell December 4, 2013 at 1:44 pm Reply

    Assume $8,000 charge card debt. Must I repay cards first? I’ve got a high credit rating because of having to pay off two new cars (lengthy story).

    I am presently having to pay them lower. Just did not know whether I ought to even attempt to save for that lower payment or put 100% into having to pay them lower. I’ve about 1200 per month extra to “play” with. I wish to fix all of this college-time debt just in case our economy heads right into a recession.

  14. Julio December 15, 2013 at 11:53 pm Reply

    I’ve looked and looked.

    But all I recieve is tax and governement investing.

    Charge card debt stats are simple to find.

    You’ll find by earnings levels, by states, by metropolitan areas, by ethnicities, race,

    nearly everything.

    However with i cannot look for a single factor.

    Assist me to – what sould I key in google to look for this data?

    Typing Charge Card Debt Republicans versus. Dems isn’t helping me.

  15. Vincent December 22, 2013 at 10:03 am Reply

    I redesign 100K each year yet I still live month-to-month. I have to hire a company who are able to go over my expenses which help me to formulate an agenda for escaping . of debt and saving cash. I’d rather not invest and I’d rather not speak with somebody that creates commission.

  16. Jerrold March 2, 2014 at 4:20 pm Reply

    Which kind of professional offers help with analyzing and evaluating a person’s personal credit card debt. I’m searching for anyone to review my own balance sheet and supply suggestions regarding how to make enhancements. I’ve no opportunities and am excess of-extended. I’m worried about utilizing a CFP, because I’m not searching for portfolio or investment advise. I’m also worried about ending up in a banker, since i have horrible credit and definitely don’t wish to borrow more income. Furthermore, I want more help that simply reading through a magazine can provide. I understand I have to make changes, I must obtain a professional’s recommend making these changes sensibly.

    I’d appreciate any suggestions on benefiting from strong financial advice.

    This isn’t personal debt i.e. charge cards. This really is property, cars, motorboats, etc. We create a healthy earnings. It is not the daily purchases of coffee and eating at restaurants that’s draining us. We’ve a lot of high ticket products and want help identifying which to re-finance and which to market. I’m searching for the right kind of financial consultant to assist us.

  17. Carter May 14, 2014 at 2:59 am Reply

    I am a property owner, current value is all about 140k. Basically would get behind on student financial loans and remove more could I place a lien on my small property to mitigate a few of the debt? I wish to become familiar with a better trade skill, although presently do not have financial means to repay 100k in financial loans basically did opt with re-educating. couple of years back I had been fit, the task market within my industry continues to be going for a dive. overall idea is to reside in the house when i visit school, not just in market it to cover school.

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