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Living with debt can be difficult. It takes a committment to successfully manage when debt seems overwhelming. Following are tips that are important in managing debt.

Tips for Managing and Reducing Debt

  1. Make getting out of debt a priority.
  2. Do not go shopping, just for something to do.
  3. Pay at least the minimum on debt and loans (Don’t want to have extra charges)
  4. Look for temporary sources of income if possible
  5. Look at ways to reduce expenses
  6. Re-evaluate deductibles everywhere possible
  7. Contact creditors before you miss a payment
  8. Involve everyone in the decision making process (including children that are old enough)
  9. Think about insurance needs (example - unemployment is not the time to let health insurance coverage lapse if it can be avoided)
  10. Learn about community resources.
  11. Make having an emergency fund a priority.
  12. Do not use credit for day to day expenses.
  13. Avoid credit as a way to live beyond your means.
  14. Make sure you know all of the credit charges and rates of interest.
  15. Know what it costs to live. Keep records of your expenses.
  16. Plan for larger expenses by saving each month.
  17. Challenge the whole family to find ways to save money.
  18. Look for low cost forms of entertainment.
  19. Don’t carry cash. It has a tendency to disappear.
  20. Wait at least 24 hours for any large purchase.
  21. Invest in yourself, if education will help you find a better job.
  22. Try to preserve as much of your equity as possible.

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