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You can tackle debt with these quick tips

Living in debt is a serious concern; it puts a stress on all aspects of your life. If you don't know how you're going to pay a bill or are living paycheck to paycheck, the damage debt can cause is already happening in your life. So, how can you stop living in the red? There are a few tips you can try.

Start by looking at your budget and expenses. Usually, there is one area that is costing you money that you don't need to spend. That could be a cable plan you don't need or high-speed internet you barely use. Whatever it is, if you can cut back, you can start saving more money to put down on your debts and to live more comfortably.

Once you determine where your income is going, it's time to make a plan to get out of debt. Some bills can be negotiated, and others may be able to come out of an automated deduction each payroll. Bankruptcy can be considered if debts are too overwhelming to pay down.

The next thing to consider is getting rid of credit cards or at the very least using them only in real emergencies. The more you can buy in cash, the better. If you do have to pay for something using your credit cards, remember that you need to hold back money to pay the card on time and should try to pay more than the minimum payment.

The sooner you address a problem with debt, the better. Whether you're interested in talking to your attorney about bankruptcy or want to cut up your credit cards, working toward a solution is key.

Source: Madame Noire, "Stop Living in the Red! How to Manage Your Debt Before It Gets Out of Control," Ann Brown, May 06, 2016

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