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Simple Mistakes to Avoid When Trying to Get Back on Track
Debt can feel overwhelming, but most people make it harder by taking the wrong steps. Paying off what you owe doesn’t happen overnight, but small, smart decisions can make a big difference. Here’s what not to do if you’re trying to get out of debt.
Don’t Ignore Your Statements
It’s tempting to avoid opening bills or checking balances, especially when the numbers feel discouraging. But ignoring your debt only makes things worse. Keep track of what you owe, your payment dates, and interest rates so you can plan ahead instead of falling further behind.
Don’t Pay the Minimum Only
Minimum payments might keep your account in good standing, but they barely touch the principal balance. Over time, interest piles up and makes it harder to get ahead. Whenever you can, pay a little extra—even small amounts make a difference.
Don’t Take on New Debt
Trying to borrow your way out of existing debt rarely works. Avoid new credit cards, loans, or “buy now, pay later” options until you’ve built stability. Focus on what you already owe before adding more to the pile.
Don’t Skip Payments
Missing even one payment can hurt your credit score and lead to higher interest rates or fees. If you’re struggling, contact your lender or credit card company early. Many offer hardship programs or flexible payment options that can help you stay on track.
Don’t Forget to Budget
Without a clear plan, it’s easy to lose control of your spending. A simple budget helps you see where your money is going and how much you can realistically put toward debt each month.
Getting out of debt takes patience, consistency, and honesty with yourself. Avoiding these common mistakes keeps you focused on progress instead of frustration
