Debt Management

Debt can be avoided if you are serious in eliminating it in your life once and for all. First and for most if you have debt, stop adding it, stop digging the hole and create a lasting plan to avoid and stop having debts. Many of the people are buried to their debt because they ignore it at the very start until the time that it is already huge and stoppable.

Debt is like a water leak, the earlier and smaller is much better to stop it. As the momentum increases, it becomes very hard to control it. It can also compare to a small fire, when it becomes big, it will be very hard to control. Debt Management Plan is very important if you want to have a happy family, free from worries. My first advice is to refinance your loan or debt to some other financier that gives smaller interest and the debt that you have. In small way you slash some amount from your debt.

Another way is to find another source of income that can help you pay your debts. It could be part time job or a small business. Be frugal and save money as much as you can. Another way is to borrow money from your relatives or friends because these people will not charge interest to their money, by doing this you able to apply the word leverage too.

After you able to pay your debt, make a pledge to stop borrowing money if you think that you are not sure that you can pay it 100%. Just do it if it is a sure business not for luxuries purposes.