OVERCOMING DEBTS

Good evening tweeps, today on #TheNuggetsFamily I am sharing a chapter from my new book: Nuggets For Frugal Living.

It is titled Overcoming Debts. I would share Nuggets for Overcoming Debts #TheNuggetsFamily.

A bible verse I love so much says: A lazy man does not roast his prey, But the precious possession of a man is diligence. – Proverbs 12:27

Got debt? Try to knock out debts with the highest interest rates first. #TheNuggetsFamily.

1/2 The trap that most people fall into is thinking that their income will cover their credit card spending, on top of regular expenses.#TheNuggetsFamily.

2/2 This is how debt can get out of control. #TheNuggetsFamily.

Getting yourself out of debt is half the battle. Staying out is the other half. #TheNuggetsFamily.

“Overdraft protection” sounds nice, but it can cost you much more than you think. If you don’t have the money, don’t spend it.#TheNuggetsFamily.

Do you know what your net worth is? Subtract your debts from your assets (cash, balances, investment amounts) to get the answer.#TheNuggetsFamily.

Don’t let your debt scare you. Fear can lead to a “I don’t want to know” attitude. Prepare yourself mentally and tackle your debt head on.#TheNuggetsFamily.

Debt that’s not tied to an asset, like credit cards or personal loans have a direct effect on your net worth. Reduce your debt, increase your net worth. #TheNuggetsFamily.

Got debt? Start tackling it by making a list of everything you owe, including the balance, interest rate, due rate, lender info, and minimum payment. #TheNuggetsFamily.

1/2 Did you know that some creditors don’t have a grace period? Meaning interest starts accruing immediately! #TheNuggetsFamily.

2/2 Always read your disclosure – Terms and Conditions. #TheNuggetsFamily.

Setting up automatic bill pay is a great way to pay your bills on time without much effort. Most banks offer the service for free.#TheNuggetsFamily.

To get the best understanding of your creditworthiness, check all three credit scores at the same time. #TheNuggetsFamily.

Top financial priorities should be to pay off debt and establish an emergency fund. #TheNuggetsFamily.

Dealing with debt? The first step is to truly understand what you owe and what it’s costing you. #TheNuggetsFamily.

Debt doesn’t go away just because you avoid it. Review your statements and start paying. #TheNuggetsFamily.

Want to pay down your debt? Start by making a list of everything you owe, what’s due and when, and interest rates. #TheNuggetsFamily.

Unsecured debt often costs more than secured debt, because secured debt is backed by an asset. #TheNuggetsFamily.

“The only way you will ever permanently take control of your financial life is to dig deep and fix the root of the problem.” – Suze Orman.#TheNuggetsFamily.

The easiest way to raise your credit score is to pay your bills on time. #TheNuggetsFamily.

A crucial part of dealing with debt is understanding exactly what you owe. It may be scary, stressful, and nerve-racking, but it’s absolutely necessary. #TheNuggetsFamily.

Credit card debt is never a good idea. #TheNuggetsFamily.

Every time you borrow money, you are robbing your future self. Be debt free. #TheNuggetsFamily.

It can be hard to save while paying down debt. Focus on high interest debts to save yourself more in the long run. #TheNuggetsFamily.

When dealing with debt, it’s best to avoid using any available credit until the debts are paid off. #TheNuggetsFamily.

1/2 Before establishing major savings goals, focus your efforts on paying down high interest-bearing debt #TheNuggetsFamily.

2/2 and building up your emergency savings fund. #TheNuggetsFamily.

If you’re forced to pay for a financial emergency on credit, you could be spending even more with interest. #TheNuggetsFamily.

When paying off debts, focus on one debt at a time. Decide if you want to pay off the lowest balance debt first, or the highest interest rate debt.#TheNuggetsFamily.

Eliminating credit debt should be a top financial priority. #TheNuggetsFamily.

Reading this nuggets is not enough if you do not apply it to your daily living. You too can be a frugal person. #TheNuggetsFamily.

Kindly send your questions and comments with the hashtag #TheNuggetsFamily. Thank you all.