Debt Do's and Don'ts

There is no shortage of advice available on debt, and the sheer volume of information can be both overwhelming and confusing. To help you combat your debt, we've put together this list of simple debt do's and don'ts.

• DO PAY MORE THAN THE MINIMUM EACH MONTH. Nothing will get you caught in the never-ending spiral of debt faster than making only minimum payments each month. Debt Consolidation Etc can help you reduce your interest rates so that more of your money goes toward principal instead of interest. Paying only minimum payments might mean it will take you 20-30 years to get out of debt.
• DON'T MOVE YOUR DEBT AROUND. You might be tempted to transfer your balances from high-interest cards to lower-interest cards and then close the account. However, this is bad for your credit and will probably not help you get out of debt any faster. The smarter thing to do is apply for Debt Consolidation Etc services to combine all of your debts into one, low-interest monthly payment.
• DO MINIMIZE YOUR INTEREST EXPENSES. Balance transfers are the most popular way to reduce interest rates, but Debt Consolidation Etc services are a much more effective and affordable way to do this. Debt Consolidation Etc reduces our customers' interest rates to an average of 0%-8%. This means that you will be able to pay off your debt for less money, as your interest expenses are kept to a minimum.
• DON'T OVERSPEND. It is impossible to get and stay out of debt without curbing your spending. Once you enroll in Debt Consolidation Etc, try to create a basic budget that sets limits on your various spending categories. Tracking your expenses each month can also help you limit your spending.
• DO IMPOSE A TIME LIMIT. To keep yourself on track, it helps if you impose a time limit on your endeavors to become debt-free. For example, you might set a goal of becoming debt-free within the next five years. You can talk to a Debt Consolidation Etc representative to help you set a realistic timeline.