Staying out of debt with low income is tough especially with the ever-rising cost of living. It takes much more work to stay debt-free when you have low income.
Here are some tips on how to stay out of debt with low income:
Curb Miscellaneous Expenses
Little expenses which we easily get used to such as grabbing a pack of cigarettes, going out for sushi, ordering take-out, Netflix and other subscriptions take up a decent chunk of your monthly income.
Don’t spend on things you don’t absolutely need.
Avoid High-Interest Payday Loans
One of the most common ways to stay in debt is getting in bed with payday loan companies who charge an insane amount of interest on the loan. Do your best to avoid loans which may put a dent on your credit.
Don’t Exceed Credit Limits
Avoid exceeding the limit on your credit cards. It’s always advised that in order to have a positive credit score and look attractive to prospective lenders, you should keep your spending at 75% of your limit.
Make a New Budget
It goes without saying if you keep the same budget and spending habits as someone with a higher income you will always struggle to make ends meet.
If you are on low income and would like to speak to a credit repair specialist to help you understand what options you have available, contact Canada Auto Experts via phone at 1-855-55-5565 or visit www.canadauto.ca