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Posted by Revive Financial on Feb 25, 2013 6:05:00 AM

The internet is full of great articles telling you what you need to do to get out of debt. But no one is really telling you the behaviour you should avoid when you are in debt.Knowing what-not-to-do in debt is just as important because it shows you your mistakes long before you have a chance to make them.

Revive Financial has singled out 3 key behaviours you should avoid when you fall in debt.

In Debt No-No Number 1 - Ignore Your Debt

When you are in debt, the worst thing you can do is ignore it in the hope it will eventually go away. Out of sight and out of mind does not mean it is out of existence and if you let it grow and build it will spiral out of your control in no time.

Instead, You Should:

If you notice you are starting to struggle with your repayments, act immediately by creating a budget. Find out where you can save some money in your everyday spending and put that money towards your debts. Call a personal debt management company and see if they can offer you some advice.

In Debt No-No Number 2 - Lie to Your Creditors

Depending on how in debt you are, you have probably already heard from your creditors or the collection agency they employ. Sometimes, this recovery action can be rude and intrusive and you feel compelled to say whatever it takes to get them off the phone. If you tell your creditors you can pay a certain amount of money by Monday, knowing it is impossible, you are only going to make the situation worse.

Instead, You Should:

Tell your creditors exactly how it is. They might seem aggravated and uncaring, but at least they won't have any false expectations about your repayments. If you employ a personal debt management company such as Revive Financial to act on your behalf, the creditors must deal directly with them.


In Debt No-No Number 3 - Pay Your Debts with Your Credit Card

When you are in debt you should avoid using a credit card, full stop. Using a credit card is using borrowed money at a very high interest rate. If you are struggling to repay your debts now, how will you expect to repay your credit card as it gains more and more interest each month.

Instead, You Should:

Cut your credit card into tiny pieces and throw it in the bin. If you want to consolidate your debts, it's better to do it with a consolidation loan rather than your credit card.

Get Out of Debt and Stay There

If you are in debt and need help getting out, call Revive Financial. This personal debt management company can help you find the best debt relief solution for your situation. It will also assist you in improving your spending habits and behaviour so you never fall in debt again.

If you are in debt and want a way to get out, call Revive Financial on 1800 534 534.

For more information on budgeting and how it can help get your finances back on track, check out our budgeting page.

Topics: Budgeting, Debt Relief, Education, Personal Debt

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