Are You Managing Your Debt Effectively?

For many Americans, living with debt is a way of life. Associated with this lifestyle is fear, anxiety and financial insecurity. Now more than ever, especially since the economic hardships of the past year, it is time to take hold of your financial situation and begin the process of becoming debt free.

Leslie H. Tayne, Founder of The Law Offices of Leslie H. Tayne, P.C., a legal firm that delivers comprehensive strategic consulting and support services with practice specialties in consumer unsecured debt resolution, consumer bankruptcy alternatives and avoidance offers the following tips to begin a debt free life:

Be Aware of Spending                                                                        
"I always tell my clients to take just 30 days and write down everything you spend money on from stamps to regular household bills," says Ms. Tayne. "Clients are often surprised by the amount of money they actually spend versus what they think they spend in a month's time." After this process is complete, analyze your spending and look for ways to cut expenses. "Often just by writing down your spending habits for 30 days, you become more aware of what you're spending and this can curb your urge to spend unnecessarily."

Monitor Your Credit                                                                             
Be aware of your FICO score and the things that affect your score. This includes late payments, carrying a balance within 10% of your credit card limit and going over your credit limit. The more aware you are of your FICO score the more likely you will be careful opening new credit and spending when you can't afford to do so.

Less Is More                                                                                       
"I always tell my clients, the less credit cards you have, the better." Multiple cards do not help keep spending down. It may seem like this since many times people get the bill and it doesn't seem high but take a moment to add up spending on multiple cards and it is often much larger than you realize. In addition, be aware of the alluring nature of store credit cards. They offer initial discounts, but the interest rates on those cards can be the highest allowed by the law.

Get Help                                                                                             
Seek out professionals to assist you before you get into a situation you can't get out of. Talk to accountants and lawyers and find a certified professional to assist you not only to get out of debt, but to make good long terms decisions.

Stay Organized                                                                                        
"I often tell my clients that the key to not letting things go is to make sure that you are aware of when bills are due." Get a large desk calendar and write down when bills are due and also when you've spent money. Doing so will help you keep track of due dates and spending habits.

Ms. Tayne adds, "Getting out of debt once you're in it can seem overwhelming, but there are certified professionals out there that can help you if this becomes uncontrollable to manage yourself. Do you due diligence and meet with professionals face-to-face. It's never too late to live a debt-free lifestyle."

The Law Offices of Leslie H. Tayne, P.C. assists consumers and individuals with the resolution of their unsecured debts. The debt help specialty firm was established in 2001 and is a now a proven leader in consumer debt resolution with a known reputation as a reliable, responsible and trustworthy debt assistance program. The firm's flexible and well established policies and procedures have assisted thousands of individuals on the road to a debt free life. The Law Offices of Leslie H. Tayne, P.C. hope to assist, educate and support their clients through the tough and stressful road to financial freedom and from the burden of what seems to be never-ending debt. For more information please contact 1-866-890-7337 or visit www.attorney-newyork.com/.