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Practical tips for effective debt management

For Connecticut consumers who are having a hard time gaining control of their debt, it's important to know that there are ways to ease those struggles. By learning and implementing practical debt management skills and tactics, consumers can not only get their debt under control, but can also build an emergency savings fund and strengthen their credit. Here are some practical tips that can make a big difference in debt control. 

To begin, it's impossible to get a handle on high levels of debt without knowing the full scope of outstanding debt. Create a comprehensive list of all accounts, including current balances, interest rates and fee structures. That will help determine which accounts to tackle first. 

Once a payment plan is in place, it's critical to maintain a timely payment schedule. That is sometimes easier said than done, so find a calendar or planning system and schedule those payments in a way that makes them impossible to overlook. It doesn't matter if it is a paper planner, an online calendar or a smartphone app; just make sure to create a reminder system to ensure timely payment. 

Finally, it's important for Connecticut residents to stay positive when moving through the debt management process. It may take time before progress is easy to see, but the important thing is to keep moving in the right direction. Before long, debt levels will fall, and there will begin to be light at the end of the debt management tunnel. Remember that it took a long time for debt to mount, so there will be a length of time to improve those circumstances, as well.  

Source: economicswire.net, "The Importance of Debt Management", Feb. 15, 2018

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