5 Biggest Mistakes People Make When Paying Off Debt

5 Biggest Mistakes People Make When Paying Off Debt

Getting out of debt involves more than just paying off a few credit cards.

What’s the real story?

It means changing spending habits;

learning to how to budget;

knowing who and how much you owe;

prioritizing debts; creating emergency and retirement funds;

and knowing where to find help when you get off track.

Here’s what we mean:

1. Same old spending habits.
People are creatures of habits and spending money is no exception. If you won’t change your spending habits, you won’t ever get out of debt.

2. Trying to dig out of debt alone.
People are reluctant to ask relatives or friends for help dealing with debt. Call a nonprofit credit counseling agency and get free help from experts.

3. Signing up for a debt-relief program, but not understanding what is expected.
It is rare to get a quick-fix solution to debt problems. If that is one of the promises you hear, start looking elsewhere. Be sure whatever organization you choose is licensed and doesn’t have a record of consumer complaints.

4. Not creating a practical budget.
It is difficult, if not impossible to gain control of your finances unless you have a budget. Develop a?realistic budget?that addresses financial needs like housing, food, health care, insurance and education, but still creates room to make payments on debt.

What’s the 5th?

5. Not taking advantage of opportunities that exist to get out of your debt quickly!

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