Avoid Accumulating Debt

: Chris Lee Law Firm

  Filed under: Debt

DebtIn American society, the concept of avoiding debt seems nearly impossible.  However, it’s possible.  Being a bit frugal and money-savvy can go a long way.

Live within One’s Means

Use a debit card when making purchases.  Debit cards are great because once the money is gone, one can no longer use the card.  It’s built-in protection from overspending.  When using a credit card, only spend what one can afford to pay in full at the end of the month. This will prevent the accumulation of credit card debt.  Avoid financing whenever possible.  Sometimes leasing a car makes more sense than buying, particularly for those who enjoy getting a new car every few years.  In some home markets, particularly where housing prices are excessively high, renting makes more sense than buying.  Avoid loans, particularly high loans and pay them off quickly when borrowing unavoidable.  Shop for clothing in budget and discount stores, cut down on designer coffee, buy items that you tend to use a lot in bulk, and eat out minimally.  Use coupons when possible.  Eliminate cable if you do not watch much television.  Many television shows can be accessed for free or for a nominal cost on the internet.

By making the above efforts, one can not only live a debt-free life but may find oneself with money to spare at the end of each month.  People have lived debt-free lives on minimal salaries by evaluating their lifestyle and determining what they can live without and what they must have.

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