Tips on Debt Management Central Islip NY

Excessive borrowing is the cause of most debt problems. You should only borrow what you really need. Keeping proper records of your debt and do not lose sight of your objectives. Your debt should be for the short term and you should aim to clear them within a few months. Do not let your loans balloon into debt problem.

Local Companies

Chase Bank
(631) 981-7020
4155 Veterans Memorial Hwy
Ronkonkoma, NY
Capital One
631-206-2930
290 Main Street
Islip, NY
Citizens Bank - Levittown SS
516-520-4150
3750 Hempstead Turnpike
Levittown, NY
Donald Conrad
1377 Motor Parkway
Islandia, NY
Matthew Berman
1393 Veterans Memorial Highway
Hauppauge, NY
HSBC Bank
1.800.975.HSBC (4722)
King Kullen 430 E Main St
Bay Shore, NY
Chase Bank
(631) 399-3101
425 William Floyd Pkwy
Shirley, NY
TD Bank
(631) 979-2752
714 Smithtown Bypass
Smithtown, NY
Wells Fargo - Lake Ronkonkoma
631-585-0297
601 Portion Rd Ste 19A
Lake Ronkonkoma, NY
Jeffrey Lewis, CFP, ChFC
7 White Deer Court
Huntington, NY
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Author: Cindy Heller

If you are in debt, you need to reduce and eventually clear your debt first before anything else. The key to debt reduction and elimination is your own commitment and discipline. The steps for debt reduction and elimination are very simple. The challenge is to stay the course.

Stop Further Debt

Excessive borrowing is the cause of most debt problems. You should only borrow what you really need. Keeping proper records of your debt and do not lose sight of your objectives. Your debt should be for the short term and you should aim to clear them within a few months. Do not let your loans balloon into debt problem.

Reduce Your Expenditures

Make this an obsession. If you take the bus or train to work instead of driving, congratulate yourself on the money you are saving on gas and parking. If you have packed lunch instead of spending money at the cafeteria or expensive restaurant, congratulate yourself. You would have saved up to $3000 a year. Money which will go some way to reducing your debt.

Reduce Your Debt

Try to consolidate your debts and secure a lower interest rate. Start paying more than the minimum sum and set a target date to clear your debt. This is the only way to reduce your debts. To achieve this, you need a proper budget.

Make a Monthly Budget

One of the most effective and important money management tools is the budget. Coming up with a budget is fairly simple but you need to have the discipline to stick to it. A budget is simply a schedule of your earning and what you need to spend. The key words here are "what you need to spend". Be prudent and frugal with your money, you are already in debt, what other reason do you need? The key to good personal finance management is to spend within your means. To curb impulse spending, try leaving your credit cards at home.

Get Into a Debt Settlement Program

If you a huge debt, think about getting into a debt settlement program. If you want to do it yourself, you just need to contact your creditors to inform them about your plan for debt settlement. Most financial institutions are open to debt settlement proposal so you should not hesitate to ask them for better terms. Most financial companies will allows up to 40% to 60% reduction on loans amount payable. Negotiations can be quite tricky so you can consider hiring a debt settlement company if you are not up to it.

Proper personal finance and debt management will allow you to get ahead in life. So make sure you are dedicated and motivated to do what it takes in order to provide a sound financial life for yourself and your family.


About the Author:

Cindy Heller is a professional writer. To learn more about debt elimination programs, please visit debt reduction plans.

Article Source: http://www.articlesbase.com/debt-consolidation-articles/tips-on-personal-finance-and-debt-management-802538.html

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