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.