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There are ways to restructure your debt or negotiate a settlement with the lender. But there isn’t a way out of debt without paying anything.

Credit card debts are the most common debts choking consumers. Being unsecured, one can fall prey to the attractive marketing gimmicks of credit cards and end up with a huge debt.

Failure to carefully manage your debt will result in a slew of unfortunate events. You may accrue a large amount of interest, which may result in a poor credit score for you; in extreme cases, bankruptcy charges may be brought against you.

How To Manage Debt?

  • Keep track of all your debts
  • Don’t miss your bill payment due dates
  • Create a monthly budget
  • Make sure to pay at least the minimum due amount
  • Try and pay off smaller debts first
  • Start tackling larger debts
  • Go for debt consolidation or debt restructuring
  • If you have an Emergency Fund, utilize it
  • Do not apply for any new credit
  • Realize and accept when you are in dire need of help

Key Takeaways

Debt management is a deliberate process that continues until your debt is completely paid off. Disciplined money management is the key to good debt management. Always keep in mind that you should never borrow more than you can afford. It is always preferable to save for your needs rather than take the easy route and take out a loan.

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