Ten Tips To Avoid Debt
1. Work out a budget – It is the most important tip and is one of the most effective methods to stop over spending.
2. Only use free cash machines, only take out what you need once a week – This stops you from taking out more than is needed over a long period of time.
3. Why are you spending – Are you impulse shopping? Ask yourself if you really need the product or service
4. Always read the terms & conditions carefully before signing anything – check for interest rates changing or anything you weren’t already aware of. Never sign on the spot.
5. If you do take credit then always do a comparison of the cheapest deals – It can help to use a comparison site.
6. Plan out what will be spent on a weeks shopping before going – Only spend what you have budgeted for when shopping for food and look around for the best deals.
7. When spending money always compare what is being spent against the cost of a household bill – If a new TV cost 3 times what an electricity bill would be then ask whether it is worth the expense.
8. Try and not pay one creditor by taking more credit- robbing Peter to pay Paul is a mistake that most people in debt make at some point. This almost always makes debts worse.
9. Never go food shopping when hungry – Eating something before going shopping Is a good tip to stopping you from overspending when food shopping.
10. Speak to your creditors if you are unable to make your payments – It is always better to deal with financial problems early on and trying to come to an arrangement. This could stop debt problems getting worse.
Debt Support Trust is a registered debt advice charity (SC041902) providing debt advice on a range of debt solutions including;