A lot of the focus of this blog is on bankruptcy, meaning that we are talking about a legal process that already assumes you are buried under a lot of debt. But of course, there is something even better than filing for bankruptcy to clear out your debts, and that is never being in debt in the first place. How do you achieve this?

It isn’t a patronizing question to ask. Many people struggle to stay out of debt, for a wide variety of reasons too. One of the first tips to staying out of debt is to avoid impulse purchases. These are a gateway to freer spending, and as a result, your finances can spiral out of control quickly. If you can curb your impulse purchases, this will go a long way in helping you stay out of debt.

Then you need to manage your spending habits. For example, limit your credit card usage — and when you do use credit cards, make sure you pay back the balance every month. Pay with cash if you can to minimize the allure of piling up debt on a credit card.

In addition to these simple steps, you should avoid constantly seeking out new lines of credit. This is another mistake that many people make, and it can lead to an endless spiral or seeking out new forms of credit to pay for debts on another line of credit. This spiral doesn’t fix the problem — it only makes it worse.

Source: FindLaw, “Tips for Avoiding Debt,” Accessed Aug. 25, 2017



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