Simple Guide for Getting Out of Debt
By EntRP on Dec 31, 2007 in Finance | comments(0)
It doesn’t matter if you have run up a high credit card (tarjetas de credito) balance, defaulted on a loan, or lost a bank account. The result is all the same. You have ugly consumer debt, and it is time to get rid of it. Though it sounds simple on the surface, getting out of debt really isn’t that easy. These are a couple of easy steps to help with the process, though.
Cut up all of the bad credit cards. This doesn’t mean that you have to get rid of everything plastic, but if you got a free credit card (tarjeta de credito gratis) with a 20% APR, it is probably time to throw that one out of the door. Stick to paying off the cards that you do have.
Make sure that all open bank accounts (abrir cuentas bancaria) are updated and ready to go. Not only must you have these bank accounts in order to keep a decent credit score, but also they will play an essential role in serving as the mode of payment for your consumer debt. If you get in trouble with the banks, you will struggle to make payments for an extended period of time.
In addition, it is best to sit down and outline a budget. Think about how much you are going to pay and which accounts you plan to pay down first. This will ultimately help you to dig out of debt more quickly, taking the worry off of your nervous mind.
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