5 Ways To Effectively Manage Debt

Your Financial Action Plan

At Broadstar Financial, your financial freedom is our main concern and we've compiled 5 tips to help you effective manage debt to get some relief.

1. Know How Much You Owe

Grab a piece of paper and a pen because it's time to write down all the debt you owe. List the names of the creditors and how much money is owed to each.

2. Mark You Calendar

It's important you pay each creditor or lender on time every single month and you may need to get a calendar to mark down each due date with the payment amount. If they offer automatic payments, set that up so you can ensure you're on top of things.

3. Cut Your Budget

You may have a large amount of credit card debt from frequent spending and one way to lower your balance is to not spend what you don’t have. While it's simple to swipe your credit card anywhere, you may want to leave it at home, locked in a safe. This will prevent you from adding to the balance.

4. Stay In Good Standing

At a minimum, pay the minimum amount due for each bill because you rather say in good standing rather than having an account go into collection. If you have any accounts in collection, try to pay them off completely because those accounts are considered adverse remarks on your credit history and will tank your FICO score.

5. Simplify With A Debt Consolidation Loan

If you have a piling amount of debt that's very difficult to manage, even with the above tips, you may need to consider a debt consolidation loan from Broadstar Financial to simplify everything into one account. Combining your existing debt into one consolidated loan may lower interest rates and cut your monthly bills drastically.

Financial Freedom

Get back on the path of financial freedom with Broadstar Financial so you can get back to enjoying life instead of worrying about mounding debt. Learn more by calling 800-509-8583 and visiting BroadstarFinancial.com today!