Frugal Tips

Frugal tips for all. Simple ways to save and earn.

The only way to eliminate debt is to develop your own realistic debt relief plan. While not every debt relief strategy may suit you personally, there area few tips which will help anyone who wants to get rid of their bad debt.

1. The first and the most important tip is to stop using your credit cards. Paying your credit card debt may become impossible if every month you continue abusing your card. More and more people are trying to get rid of their credit cards and use debit cards and cash instead. Even if we try to pay off our balance every month, credit cards create an unnecessary temptation to spend money which you do not yet have. Also, every time you open a new credit card, it lowers your credit score, so it is not really worth it to get 10% off you $30 purchase to get a store credit card with a 22% interest.

I suggest that you not only stop using your credit cards, but close your accounts soon as they are paid off. It is a good idea to leave one credit card with the lowest interest for emergencies, but hide it somewhere in your wallet and try to forget that it exists.

2. Your next step in your debt relief plan is to prioritize your repayments. You need to write down everything that you owe and start paying off those credit cards. Start with the ones with the highest interest rate and don’t forget to notify the company to close your account after you are done.

3. Develop frugal habits. There is really no need to buy Dunkin Donuts every morning and to go out to eat every week. You can restart your expensive habits after you are done paying your debt. Search for frugal tips online and learn how to leave cheaply. Thankfully, Internet is flooded with these sorts of tings. Remember, that living cheaply doesn’t mean living badly.

4. Finally, seek professional debt help. Professional debt advice can be obtained for free at a number of sources. Don’t be ashamed to ask for help and don’t procrastinate. The longer you wait the deeper your debt is going to be.

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