Free Debt Management Advice

Free Debt Management Advice

Want some free debt management advice? Good! Because this page is chock-full of it!

Debt Management Tips

When you're young and don't know much about the evils of debt, spending money you don't have can seem very attractive. How else could you get all the neat stuff you can get with your credit card? How else, indeed! If you can't afford to pay cash for it, you can't afford it. That's the first piece of free debt management advice we'll give you. In fact, the first round of free debt management advice will deal with how to avoid getting in debt in the first place.

Advice About Avoiding Debt

There are a lot of ways to avoid being in debt, most of which involve credit card management. Follow this free debt management advice to avoid debt:

• Really, you only need one credit card--a MasterCard, Visa or Discover. One with a low APR and no annual fee is idea.
• Only use your credit card when it's absolutely necessary.
• Pay off your balance in full each month. If a purchase will end up making your balance more than what you can afford to pay in full, don't buy the item.
• Avoid store credit cards unless you intend to pay the balance off in full each month. Otherwise, that 10% you saved for opening the account will be offset by the 24% interest you pay on the items you bought. Then whatever you bought actually ends up costing you more.
• If you have more than one credit card, freeze all but one in a glass of water. While it thaws, you have to really think about whatever you wanted to buy in the first place. (And no, you can't just microwave it.)
• If you're saving for a house, a car, a boat, a computer...whatever...find a picture in a catalog or magazine that represents your goal and wrap your credit card in it. That way, you are reminded of what you're saving money for before you use your card.
• Start transferring whatever amount you spend on your credit card to a savings account. That way, you're sure to have the money to pay the purchase off in full at the end of the month. If that sounds too tedious for you, use your debit card, cash or write a check instead.
• See if your credit card company will send email or cell phone alerts once your balance goes above an amount you designate, say...$500.

Advice if You're Already in Debt

If you're already in debt, try transferring your credit card balances to a card with a 0% introductory rate, no annual fee and no balance transfer fees. Then try to pay it off in full during the introductory rate period. If you need more time, transfer that balance to another 0% card, and so on.

If this isn't an option for you, go online and try to find a professional free debt management program. Just be aware that free debt management programs usually aren't totally "free." It's usually some portion of the service that's free. Perhaps you get free debt management advice during your initial consultation. Or maybe they offer free credit counseling. Or maybe the first month's fee is waived. The good news is that free debt management is usually less expensive than other debt management companies, which means it's still very affordable.

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