How To Manage Debt

How To Manage Debt
- in 4 easy steps

1. Take stock of your situation
   Make a list of how much you owe, rank these loans by interest rate, highest to lowest. Determine what assets were used to secure these loans, at what interest rate and for what period.
2. Get the best value out of your assets
   Use your available assets (home, car or savings) to secure lower interest rates and consolidate high cost debt.
3. Communicate and negotiate
   Keep the conversation going with the creditors. If you are likely to fall behind, let them know and work towards getting back on track with your payments. This may be the time to renegotiate your payment terms to better match your income.
4. Live within your means
   Getting out of debt is harder than getting in. Take the time to budget and manage your expenses every month. Use your credit card sparingly and pay off your balances on time and in full every month.