25 Jan 2019

Advice on how to avoid debt

The best way to avoid debt and never-ending pressure from creditors to repay overdue bills is to not let the bills become overdue in the first place. Even though credit cards, mortgage loans and car payments are a virtual necessity in the lives of most consumers today, minimising debt and avoiding overdue bills are in everyone’s best interests. Below are some tips on avoiding debts.

Debt Avoidance Tips

  • Avoid impulse purchases. If you don’t really need it, don’t buy it!
  • Pay with cash whenever possible.
  • Stay within your spending limits. Know your limits.
  • Avoid ‘buy now, pay later’.
  • Look for the best deal before you make major purchases.
  • Avoid bank overdraft charges by keeping close tabs on your bank balance.
  • Keep a record of your purchases.
  • Avoid applying for more than one or two credit cards at a time.
  • Create an emergency fund.
  • Pay your balance in full each month.
  • Understand your credit card terms.
  • Work to a monthly budget.

For advice on debt management get in touch with Consumer Law Barristers. If you would like to speak to someone about what we do and how we can help, we will be happy to answer any questions you have.

Contact us today!