1. Make a budget.
If you're drowning in massive debt, the last thing you want to do is to dig a deeper hole. Otherwise, you'd be creating more problems for yourself. Instead, get organized. Make a spreadsheet of your expenses and figure out where you can cut back.
2. Pay off your biggest debt first.
Back in school, we were always told to tackle the hardest exam questions first because the easier problems take less time to solve; that piece of advice comes in handy now that you're an adult.
3. Don't just go for the bare minimum.
It's in your best interest to pay as much as you can every single time. And if you can, pay more often (weekly instead of monthly, if possible). Plus, if you fall short one time, at least you won't be scrambling because you've already been paying more than you need to.
4. Stop using your credit card for a sec.
If you're unable to control your spending, go cold turkey and leave your plastic at home. And if that doesn't work, hand it to someone who'll keep it safe until you've cleared your utang. That also means erasing your credit card information from your fave online stores.
5. Got a bonus? Use it to pay your debt!
As tempting as it is to use your bonus on a "I deserve this" gift to yourself, make sure to use more than half of it to improve your financial situation. You're an adult now; take care of business first.
Source: U.S. News
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