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What are some easy tips for avoiding debt?

If you want to avoid debt or get out of it, there are a number of things you need to start doing. Creating a budget, for example, helps you know how much you have to spend and makes it less likely that you'll overspend. That's just one tip to keep your finances in line, and there are many others.

By avoiding mistakes that can accrue debt and make it harder to pay down your debts, you can get into a position to be debt free in less time. Here are a few tips that can help you and your family focus on a healthy financial future.

1. Don't use cash advances

These cash advances might help you in the very short term, but you lose out. You pay transaction fees and an advance fee. There is no grace period for repayment and interest starts on day one. It's a surefire way to end up in deep debt if you cannot pay back what you owe right away.

2. Get a savings account

It's important to get a savings account, even if you're already tight on money. Begin to put away a few dollars here and there until you have a cushion. Then, when an emergency comes up, you won't have to turn to a credit card.

Many people think paying off a credit card is the most important step, but without a savings, you won't have anything except that card to fall back on if an emergency happens.

3. Record your purchases

Record and review your purchases each month. You'll be surprised at what you buy that you may not have needed and could see other areas where you can cut back and save money.

These are just a few tips. Give them a try, and if you still struggle, your attorney can help you look into alternative debt solutions.

Source: FindLaw, "Avoiding Debt: Credit Card Do's and Don'ts," accessed May 23, 2017

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