The newspaper “Daily Mail” that Britain, for example, has seen a “worrying increase” in the number of people resorting to borrowing or credit cards to cover their daily expenses.
With the beginning of the new year, experts presented a number of tips and practical steps that will make people leave the “red debt zone” during 2022.
1- Priority: When you are in debt, it is important to determine what you owe and to whom, and therefore experts advise that you should establish a specific budget and spending plan, before you start paying off debt, to avoid “overspending”.
2- Not to borrow again: One of the best ways to avoid debt in the future is to cancel any card or close any account you borrowed from, so you don’t even think about turning to it again.
3- Talk to the experts: Communicating with debt experts is very important, as you will benefit from their experience in this field and their valuable advice on how to manage your money in the best way.
4- Pay off your debts on time: When a person uses Credit cards, he faces the risk of interest if he does not pay his dues on time.
5- Avoid overdrafts: Overdraft facilities provide you with immediate financial support, but a number of people find it difficult to extricate themselves from it afterwards, so experts advise avoiding it and not falling into its temptations.
6- Reducing spending: It may seem trivial, but spending less on unnecessary things will make you save more and pay off your debts faster.
7- Avoid the “Buy Now, Pay Later” offer: This offer has become popular with various shops and websites, but experts warn of its risks, as it makes people spend more than their budget, in addition to high interest rates.
8- Price comparison sites: Using this type of site avoids paying expensive bills and provides you with sources where you may find the best offers and prices.
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