A Lannister always pays his debts. Perhaps you should too. It may sound obvious to state, but paying back certain loans on time is the best way to keep debt from spiraling out of control.
If you ignore certain debts, they will only increase over time. In the end, you could be facing an eviction notice, or personal bankruptcy. You can avoid a bleak scenario like this by following the tips below for paying debts on time.
Pay Bills as Soon as You Get Your Monthly Paycheck
Schedule Grocery Runs for Later
Delete Your Credit Card Information Online
Compulsive buying is one of the top reasons why people sink deeper and deeper into debt. Online stores are big facilitators of compulsive spending. If you have your credit card information stored on a favorite retail site, it’s easy for you to end up buying a $50 pair of shoes when browsing in the middle of the night. You can end such impulsive purchases by deleting all stored credit card information online. When you do that, you will have to enter credit card info every time you make a purchase. That should give you ample time to decide if you really want to buy what you are about to buy instead of repaying loans.
Keep Track of Your Debts
If you have incurred multiple debts, it’s important to keep track of them all. It’s possible that you could simply forget that a loan bill is due. A simple mistake on your part could end with hefty late fees, notices, and interest increases. So, write down every debt you owe, and the monthly due date for each bill.
On some months, you might not be able to repay certain bills on time. For example, your employer could delay your salary or contractor fee. If something like this happens, you should immediately call the creditor and inform them in advance of your situation. If you do, the creditor might sympathize and not charge a late fee.
If you commit yourself to paying back monthly loan bills on time, as explained in the tips above, you will soon be free of a crushing debt burden.