3 mistakes to avoid when trying to settle debt

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Published: 16.06.2018 Inemesit Udodiong
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Financial Tips: 3 mistakes to avoid when trying to settle debt (pewlaw)
Financial Freedom
3 mistakes you need to avoid when you are
trying to get out of debt
Making the three mistakes below will keep you stuck in that debt.
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Getting into debt can be so easy, getting out not so much. Today, we look at three common mistakes that
make getting out of debt so difficult.
These mistakes include:
Trying to pay off multiple debts at once
Faced with more than one debt, a lot of people try to address all at once. The result - feeling frustrated, getting
stuck, broke and acquiring a new debt in order to attempt to pay off the old ones.
The solution is to write down all your debts from the largest or the one with the least patient person to the
smallest or the one with the nicest creditor.
Next, make a budget of everything you need to survive, and use the rest of the money to pay off the first loan.
Once that is paid off, you can focus on the others, one by one, until you pay them off.
ALSO READ: 5 signs you are living beyond your means
Having the same old spending habits.
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2. 6/25/2018 Financial Tips: 3 mistakes to avoid when trying to settle debt - Money - Pulse.ng
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Stop trying to pay off multiple debts at once and focus on one at a time (Simon Cunningham/Flickr)
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AUTHOR
Getting out of
debt can be
easy once you
change your
spending
habits. Sadly,
most people
are creatures of
habits who
think they can
somehow
continue to
spend as much
money as they
usually do and
still and pay off
their debt.
Unfortunately,
this just won't
work. You need
to change your
spending habits
if you ever want
to get out of
debt. You can
start small by
cooking and
taking food to
work instead of
eating out. Watching movies at home instead of the cinemas, chilling indoors instead of going out and spending
money on a Friday night.
Over time, these small changes in your daily spending habits will lead to more spare money that can go into
paying off your debt. Its simple, the more money you can save, the faster it is to get rid of your debt.
Being impatient
We all want to get rid of our debts but the truth is that these things don't happen over time and being impatient
will only make things worse.
Sadly, there is no "secret" way to pay off your debt in a few days so be patient and realize that these things take
time.
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Inemesit Udodiong is a Religion Reporter at Pulse. A graduate with a degree in English and an
unofficial one in human dynamics and psychology. Her interests are God, religions, writing, music,
books,movies and sneakers . Reach her via email: inemesit.udodiong@ringier.ng || Twitter &
Instagram: @inemudodiong

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