Debt is often thought of in a negative light. However, when it is used wisely, it can provide you with an education, a home, a car and a better life. South Floridians have struggled with some of the most substantial debt in the country throughout the Recession. According to Experian, South Florida’s average credit card debt is the nation’s highest, approximately $4,555 per person.
Below are six ways to better control your spending habits:
1. Determine what you owe and the interest rate each creditor is charging you. After you get a clear picture of what you owe, you should pay off the largest debt or the highest interest rate debts first.
2. Avoid spending money on things you really want. Frequently monitor where your money is going. There is a free website called DoughHound.com you can use to help control your spending.
3. Set a debt-reduction goal. When you are able to reduce your debt, reward yourself. After, you can set a new, higher goal for yourself with a bigger reward.
4. Don’t tempt yourself. Try to avoid leaving an excess of money in your checking account. Instead, you should use your extra cash to pay down your debt.
5. Get support from your family and friends. It is best to look for support from others who share your debt reduction goals. Keep a distance from your friends and family who are big spenders.
6. Beware of debt settlement organizations that offer a lot of promises. Typically, they charge you a lot and deliver less than they promise. Also, stay away from debt consolidation loans.
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.