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Easy Tips From Debt Educators Like Us Educational Financial Solutions

By Expert Author: Roslyn Rosecrans

According to the Federal Reserve, the average American mortgage debt amounts to about $150,000. This is more than the amount that most people can pay for easily in a year and is the common reason why they seek the help of US Educational Financial Solutions. However, mortgage debt, or any other debt, can be avoided by following these tips.

Practice restraint in spending.

One of the biggest financial pits that people usually fall into is the abundance of money and/or credit cards at hand. There’s no reason for them to hold back their spending since they have the means to pay for the bill. This could work for a short time, but it will evolve into a nasty habit of spending lavishly: the beginning of most kinds of debt.

Always have money on hand.

It doesn’t matter if people need to open a savings account or if they simply hide a wad of bills under their mattress: saving money is the first step in being financially responsible. It’s good practice for everyone to ensure that their paychecks aren’t spent down to the last penny. One way to do this is to set aside at least 10 percent of one’s daily allowance or monthly salary. In time, that 10 percent will grow into a fund that people can use for emergencies.

Seek low interest rates.

This advice is important for those who wish to open a credit card account or obtain a home loan. Low interest rates are always a good thing since they incur lower payments, even if they’re evened out by certain stipulations like more frequent payments or higher initial costs. Mortgages and credit cards are the main causes of debt, according to financial evaluation companies like US Educational Financial Solutions.

Spend for the essentials first.

Food, clothing, and shelter should always have a place in one’s budget. Families that have children may want to elevate “education” as an essential that they should keep in mind. Shelter can be further divided into maintenance (like repairs), finances (like mortgages), and utilities (like electricity).

For more information on debt management, visit www.happysimpleliving.com/2013/07/19/4-happy-simple-ways-to-avoid-debt/ and www.pickthebrain.com/blog/7-tips-for-avoiding-a-lifetime-of-debt/.

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