Step 2 To a Debt-Free Life: “Don’t Dig Yourself Deeper”

When you’ve dug yourself deep into a pit, the only way to get out is to stop digging. Focus on not racking up more debt. Stop using your credit cards. Skip your weekly trips that usually have you buying too many non-essentials. When you go shopping you can also create a list ahead of time, just remember to only buy what is on the list. This will not only save you money and make you more prepared, you’ll also be likely to save time instead of wandering down random aisles.

Instead of eating out at a restaurant or picking up food to-go, start brown-bagging your work lunch and brewing your own coffee. While you’re at it- think about purchasing reusable items like a lunch box or portable coffee tumble instead of disposable ones. This could cut down on costs in the long run and also is preferable for the environment.  Get into the habit of spending only on essential items, and ones that aren’t wasteful, so you can make real progress toward paying down that debt.

Don’t forget to make the minimum payments on every line of credit and loan you have open. Like we mentioned previously, compare your debts by greatest amounts to determine what to pay off first. And absolutely remember to make at the very least, a minimum payment. Neglecting your debt will only pull you deeper into the pit.

For more personal finance tips and helpful resources, be sure to check out the Dort Financial Credit Union blog and if you are looking to talk with someone, check out one of our locations throughout, Genesee County, Lapeer County & Shiawassee County.