29 Apr
2010

Debt is not something you want to put off – not even for a day. Debt can be a little bit like those first five pounds. You may be a healthy weight, but once you gain five pounds, that can easily lead to five more pounds, then five more pounds, and so on until losing weight is a big project. It’s a lot easier to lose that initial five pounds than to wait and have to lose thirty. It’s the same with debt. A small credit card balance can lead to a larger one, which can lead to a payday loan or two when you have trouble making payments, which can lead to more personal loans.

If you have any unsecured loans or debts at all, it’s important not to put it off even another day. You don’t want that debt to grow. Luckily, there are many small, painless things you can do today to help start paying off debt. You can budget your monthly expenses to see how much you can put towards debts in the next thirty days. You can make a list of debts you need to repay first (because they have the largest interest rates). You can probably put at least a few dollars – even five dollars – in your emergency account and another five towards a credit card.