Not all debt is bad. In many ways, most of us will carry some debt around for most of our lives. That includes the loan on your home or the car you purchase. It also includes debts from credit cards. What 4 Pillars in Victoria wants you to know is that managing debt from the start is important. It can make all of the difference in ensuring you do not become overwhelmed with your debt. How do you do this.
Work to Pay Off Everything You Charge Each Month
One of the ways you can do this is to always limit how much you charge. If you are just starting out, you may need to use credit to establish your credit history. One rule to remember is that you should try to pay off anything you charge in that month. That way, you do not have to pay expensive finance charges for months at a time on that purchase. Realize that charging something means it becomes more expensive to you.
Avoid Using Credit When It Gets Out of Hand
At 4 Pillars in Victory, we often hear of people who are struggling with debt. If that is where you are, take the time to create a budget. Work to reduce how much you are spending so you can put more towards your debt. And, avoid using credit. Instead, move to a cash system.
At 4 Pillars in Victoria, you can work closely on that debt and find a plan for getting out from under it.
