Here are a few warning signs that might help you with your decision making problem with debt:
1. Getting calls from creditors 2. Not knowing how much debt you owe 3. Using your credit cards to make everyday purchases, like gas 4. Losing sleep or stressing out about your debt 5. Arguing with your partner about the bills 6. Constantly switching cards to get a lower interest rate on a new card 7. Skipping payments because you can't afford them 8. Using credit cards to pay for other credit card bills
My advice is to pay CASH for everything. If you don't have the cash, DON'T buy it. If you have savings, cash some out. The general rule of thumb is to have three months' income to use as emergency savings. But if you're in debt overload, spending some savings to reduce debt officially qualifies as an emergency. Take at least 25% of your savings and put it towards your debt.
Last -- be not lest - Find another stream of income. Before we discuss ways to earn more cash, you should know it won't make any difference if you don't save it or apply it to your debt. The point is, you have to change not only your income but also your mindset.
Try to find a way to earn some extra money on the side. Everyone does something well that they can do for others, such as tutoring or cooking. You can also perform a service, for example managing a Website, marketing a product like jewelry, or selling your wares on eBay. Ask colleagues about opportunities outside your company or even apply for positions with temporary agencies.
Keep pushing forward. Remember success comes when we work together
1. Getting calls from creditors 2. Not knowing how much debt you owe 3. Using your credit cards to make everyday purchases, like gas 4. Losing sleep or stressing out about your debt 5. Arguing with your partner about the bills 6. Constantly switching cards to get a lower interest rate on a new card 7. Skipping payments because you can't afford them 8. Using credit cards to pay for other credit card bills
My advice is to pay CASH for everything. If you don't have the cash, DON'T buy it. If you have savings, cash some out. The general rule of thumb is to have three months' income to use as emergency savings. But if you're in debt overload, spending some savings to reduce debt officially qualifies as an emergency. Take at least 25% of your savings and put it towards your debt.
Last -- be not lest - Find another stream of income. Before we discuss ways to earn more cash, you should know it won't make any difference if you don't save it or apply it to your debt. The point is, you have to change not only your income but also your mindset.
Try to find a way to earn some extra money on the side. Everyone does something well that they can do for others, such as tutoring or cooking. You can also perform a service, for example managing a Website, marketing a product like jewelry, or selling your wares on eBay. Ask colleagues about opportunities outside your company or even apply for positions with temporary agencies.
Keep pushing forward. Remember success comes when we work together
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