Staying out of Debt

There is one simple truth about debt: it is easier to avoid getting in debt than it is to get out of it.

Prevention is far better than a cure when it comes to the issue of debt and it is actually easy to avoid the debt trap providing you manage your money, are disciplined in relation to your spending and have some savings tucked away in the event of unexpected emergencies.

A review of your lifestyle is one way to ensure you do not get into debt.

Changing spending habits can help with this, such as limiting the access you give yourself to credit facilities and making use of public transport rather than driving your car.

Insurance coverage is also a good idea to complement an emergency fund.

Medical circumstances or family problems can sometimes be the cause of unexpected financial problems, so it is smart to get insurance coverage to ensure such circumstances do not result in you acquiring debt you may find difficult to repay.

If you do have a credit card make sure that all bills are paid on time and in full to avoid incurring late fees and interest. However, we understand that life happens and sometimes unforeseen things happen that can turn your world upside down. If you find yourself stuck in debt with no way to get out, let us help you!

Call
(757) 320-2010 to schedule your FREE bankruptcy consultation.

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