Not so many decades ago, most young people had little concern about debt and how to manage it. Debt was something that came later in life, once someone settled down, purchased a home and started a family. Today, however, many people in their 20s are already saddled with high levels of debt, and are looking for a way out. The following tips can help young Connecticut residents with debt management, helping them to enter their 30s free of a heavy financial burden.
The best place to begin is by finding a solid debt management plan. For some people, that means purchasing a money management book and following the guidelines laid out within. For others, working with a law firm that specializes in debt management is a good plan of attack, and provides the guidance and feedback needed to stay on track and reach goals.
Another powerful technique is to set and enforce spending boundaries. This means leaving credit cards at home and filed away for emergency use, and relying on a weekly cash budget for incidental expenses. Young people should also avoid the common trap of increasing their lifestyle as their income increases. Just because more money is coming, that does not mean that more money should be going out. Setting aside extra money for debt repayment or building savings is a great way to secure one’s financial future.
Once a Connecticut resident has made the decision to pursue debt management, the next step is to create a plan that will yield the desired outcome. A consultation with an attorney who specializes in financial law is a wise investment, and can help consumers find the best path out of debt possible. For many people, a few months of demonstrable progress is exactly what it takes to find lasting momentum toward a debt-free future.
Source: CNBC, “5 things to do in your 20s to get out of debt by 30“, Emmie Martin, July 11, 2017