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Tips to Avoid Overindebtedness
With the evolution of technology and the emergence of new means of consumption (e.g. credit cards and online shopping) our consumer habits have changed. We are more focused on the immediate acquisition of goods, while inventing new superficial needs. Traditional in-store shopping is becoming a thing of the past. With so many ways to spend our money, we need to be very careful and disciplined to avoid over-indebtedness.
How to avoid overindebtedness?
Over-consumption leads to over-indebtedness. Below is a list of things you should do to avoid over-indebtedness. Our experts have put together these tips to help you avoid falling into consumer traps and keep your debt under control. Read our tips for avoiding debt below:
- Pay cash
- Use a single credit card
- Make your payments on time
- Avoid compulsive buying
- If possible, take time to think before you buy something. Make sure you really need it
- Avoid buying over the phone or from door-to-door salespeople.
- Buy second-hand rather than new to save money
- Borrow items from family or friends to limit expenses
- Examine all the obligations contained in a contract before signing it.
- Calculate how long you'll have to work to pay for a purchase.
- Keep an eye on your personal finances
- Examine your spending habits to make appropriate resolutions
- Prepare a budget and write down all your income and expenses
- Prepare a balance sheet and analyze your financial health annually.
By following these tips, you'll be able to rebalance your budget if you're experiencing debt problems. However, nothing can replace a consultation with a qualified member of the Groupe Serpone team. Contact us today!
