Many consumers find themselves in a debt quagmire because they have one or two bad financial habits and let those habits spiral out of control. A great long-term form of debt help comes when consumers face these bad habits and fix them, and see the added bonus side effect of taking care of their debt. Just a few examples of bad financial habits follow.
Procrastinator. This can take form in several ways. One way is when you procrastinate about signing up for a 401(k) through your job, or put off amending your life insurance policy when you get married or add to your family. Or it could be even when you procrastinate about adding up your debt to see a final total amount of what you owe. This is an easy fix. Just email your HR representative to find out about opening a 401(k), or contact your life insurance agent, or sit down with a pad and paper (or excel spreadsheet) and your bills and take a deep breath and add it all up.
Money-Melts-in-Your-Hands. It is all too easy to do a little internet shopping on your lunch break, or page through a catalog looking for your nephew’s birthday gift and ending up ordering other things you just had to have. But it’s not fun to watch your bank account shrink as a result. Impulse shopping is a hard habit to break, but it can be done.
Debt Help Tip: For really bad impulse shoppers, it might not be a bad idea to pop the credit cards into a baggie with water and then freeze them. That way, if you want to make a purchase with the card, you’ll need to defrost the card first.
Thanks for reading!
Mike Welton
Financial Advisor-MyDebtIQ.com
1-888-998-1226
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