June 18, 2014
In conclusion to 6 Tips for Paying Down Debt – Your Path to a Debt-Free Future, here are some final tips to keep in mind when you are getting ready to start seriously focusing on paying down your debt.
Tip 5 – Avoid taking out new lines of credit.
If you can avoid it, the last thing you want to do when you are trying to pay down debt is to take out any new lines of credit. This is because opening up a new line of credit will not only add to your debt, but it can also:
- Complicate your monthly payment schedule, which may increase the chances that you forget to make a payment on one of your debts (especially if you are already juggling multiple lines of credit).
- Cause you to ultimately end up paying more in the long run, as you end up paying less money towards any one debt, increasing the amount of money you end up paying towards interest instead of the principal.
Two good ways to keep yourself on a budget and reduce the chances that you will need to open up another line of credit are to try to:
- Only use cash for your daily spending needs. This may even end up helping you spend less money, as you will likely be more aware of each dollar that you spend.
- Only buy things that you need and can afford outright.
Tip 6 – Stay the course.
All of the previously mentioned tips are important, but they won’t be effective if you don’t stay the course, remain disciplined and keep working diligently to get your debt paid down and eventually off.
If, however, you are so buried in debt that you can’t even afford to make your monthly debt payments, it may be time to consider some other debt relief solutions like bankruptcy.
Denver Bankruptcy Lawyer at Lindquist-Kleissler & Company, LLC
If you are buried in overwhelming debt or are facing a serious financial crisis, Denver Bankruptcy Lawyer Arthur Lindquist-Kleissler can help you figure out your best options for resolving your financial issues.
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