It is common to have more debt that one is proud, and it can be easy to fall into the trap of ‘paying later.’ Many people are stuck in the debt cycle -- accumulating debt, paying it down, building it back up, and so on. While doing this in small amounts is actually healthy for your credit (if you are paying your balance completely each month) it can snowball out of hand quickly if you aren’t mindful of your purchases. With credit cards it is easy to make purchases without having an immediate connection to your income.
Some people actually carry large amounts of debt and are comfortable with the interest rates and their payment schedules. However, this isn’t the case with most people. Many hardworking families and individuals feel stuck and overwhelmed by their debt load. Determining if your debt is a problem is something only you can answer. Does it feel out of control to you?
Below are tips from an inspirational article from the Mintlife blog, covering 10 characteristics of debt-free people:
To become debt-free, you may have to shed some of your current habits and take on some new, more constructive ones. Use the people who are already living debt free as inspiration. If you don’t already have an accountability partner, get one today. Chances are they are also concerned with their own debt and could use the help too.
Credit Karma: Free credit monitoring can help prevent identity theft and inaccurate information from appearing on your credit report
Ready For Zero: ReadyForZero has helped people pay down $180 million in debt – and counting, for free
MY FICO: FICO 3-Bureau Credit Monitoring monitors your credit reports from Experian, TransUnion and Equifax while helping you understand and track your full credit picture
For the complete October Resource Package, click here.
Montana Credit Unions for Community Development (or MCUCD) is the award-winning, charitable arm of the Montana Credit Union Network. A state-wide nonprofit organization, MCUCD works together with the state's credit unions to improve the lives and financial independence of all Montanans.