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Debt is challenge for many Americans today. From car payments to student loans to home mortgages, debt is a part of many of our lives and how we manage that debt can be the difference between success and struggle. Staying on top of your debt and managing it can also be its own challenge, but it is possible. Below are just five tips to help you manage your debt and strive for a debt-free future.

Create a Budget:
One of the first things you should do if you are struggling with debt is to make a realistic budget. Write out your monthly income, your monthly obligations and what you typically spend on things like gasoline, groceries and toilet paper. This should give you a clear idea of where you stand financially. This can be a useful tool for helping you control spending, identifying waste and organizing your debt obligations. Creating and following through on a home budget can be a powerful tool as you work to manage your debt.

Improve your Income:
Understandably, a good way to combat debt is to increase your income. Of course, finding a higher paying job or a second job can present itself with its own difficulties. But if you are qualified and able to find higher paying work, it may be in your best interests to shift jobs. The added income can help pay down more of your debt without cutting as deeply into your other, necessary expenses.

Save Often:
When living on a tight budget, it can be hard to find ways to save money. But if you are able to regularly set aside a certain percentage of your paycheck and put it into a savings or retirement account, you will be well served in the long run. By saving money, you help protect yourself against any future, unexpected expenses such as car repairs or medical bills. With a reserve fund, you can help prepare yourself adequately for future, unknown expenses.

Reduce Spending:
Another great way to save money that can later be used to pay off debt is to reduce your spending. Are you buying name brand tissues? Try switching to the store brand alternative. It may not seem like you’re saving much, but even the smallest savings can add up to more cash in your pockets. If and whenever possible, try cutting unnecessary expenses or find cheaper alternatives. It may be a challenge, but it can help set you on the course to being debt-free in the future.

Consolidate & Prioritize:
A great way to help manage and stay on top of your debt is to consolidate your payments, renegotiate your interest rates and prioritize your payments. Many companies offer loan consolidations so that you can pay off your debts in a single, monthly expense. This ensures that you don’t accidentally miss a payment on a smaller obligation. And if you are able to lower your interest rate, you end up spending less per month, allowing you to save more money for the future. And by prioritizing your payments, it can help give you a much needed sense of order and structure.

To maintain good credit and stay on top of your debt, be sure manage your expenses and live within your means. And for more information and money-saving tips, be sure to visit creditcardxpo.com.