Is there some magic in managing your debt? Not really…well maybe there is. In short, you only need to do ONE thing to manage debt and not let it become a problem. What is this ONE thing you will ask?
No, we won’t try and sell you a book or make you click a link or something. We’ll tell it to you straight away!
Here it is:
Keep your promises!
Why is this so powerful? Put yourself in the shoes of the person/bank/clothing store where you got into debt. They want to be assured they will get their money back. So if you promise them you will pay, and then you dont, they will never trust you again and they will treat you as an untrustworthy person, no matter what your circumstances are. BUT:
If you keep your promises they will always trust you. They will help you make a plan to get out of debt. They will be lenient. They will likely write off your interest or additional fees (if they are a good company/bank/person).
But what if you promised to pay and you cannot pay what you promised you would? Simple. Make the small payment you can make. All of us have some cash sometimes in the month. Use that to make a small payment…even if it is only a 10,- or a 50,- or a 100,-.
It doesn’t sound like much but it does show that you are committed to getting your debt paid off. It shows that you can be trusted!