Debt is terrible and it is not something everybody can handle. Whether it is big or small money, the time to free yourself from such bondage is now.

See our list of Important financial rules for managing your debt:

1. Monitor and manage your spending

This is self-explanatory and very important. If you want to buy a new gadget, like a laptop or a new phone, you might also think of selling your old one to shops like Cash for Laptop so that you will not spend a lot on your new gadget.

2. Write down your debt

It is one thing to think about how much you owe, it is another thing to have it written down. That way, things are clearer.

3. Create a payment schedule

I am talking about a calendar that lets you see when the debt payments are due and the amount owed on a particular day. With this payment calendar, you can make sure payments are made as at when due.

4. Create several income streams

A side hustle is always important, more money is needed to settle your debt.

5. Ask for help

Debt is not a good thing. So if you are battling with repayment, feel free to ask for help so you do not get embarrassed by your creditor.

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