Even with a steady job and salary, saving money can still be difficult. Have you ever questioned why that was? As people gradually accumulate more and more debt, it is plausible to find that each pay cheque that is cashed only covers interest and not even the principle.

Debt levels are rising, not dropping. With the way things are, people have to consider borrowing money to cover the interest on money that they already owe. To many, it seems like no end is in sight, however, there are some solutions that should be considered.

These are some steps that you can follow to, not only reduce your debt, but also to eliminate it completely.

1.) Use a Visa Prepaid Card

On the path towards successful debt repayment, the first step is crucial. Stop accumulating more debt. You might think that a traditional credit card is a healthy spending method, but it isn’t. It allows people to think that they are able to afford a purchase, when in actuality, they can’t. This can lead to creating a situation of further debt accumulation. Since a Visa prepaid card is not linked to a credit facility, further debt accumulation will never occur with a prepaid card. Once you have loaded up your card with funds, then you can commence to making payments with the prepaid card. With the funds in the card exhausted, further transactions will automatically be denied until the card is reloaded again.

Prepaid cards can be used for transactions in-store, online and even for cash withdrawals at ATM machines across the globe, just like you can with a traditional credit card. These prepaid cards also feature PIN security and chip security systems; therefore, account protection is of minimal concern. With prepaid cards having no link to a line of credit, in the event that the card is stolen or lost, the potential financial damage is not far reaching. It is limited to whatever funds are in the card, with no impact on your credit score whatsoever. The use of a prepaid Visa card has proven to be highly beneficial to those opting to get out of debt while still reaping the convenience and other advantages a traditional credit card brings as a payment method. Go to www.t24blackcard.com and kick start your prepaid card application today.

2.) Use Common Sense

The use of some common sense is another way to reduce debt. One of the primary reasons that people find themselves in so much debt is because it is easy to use and obtain credit. Without knowing it, and without realising it, people are using their credit cards to the limit every month. The best solution for keeping track of just how much money you are using is to use a prepaid card.

Credit can be used for reserve situations, like emergencies – unexpected car and medical bills that may arise. You will gain a better appreciation for money as you use your prepaid card.

Apply for your prepaid card today at www.t24blackcard.com.

3.) Stop Impulse-buying

You must stop your spending in order to stop your debt from accumulating. This is especially true when your income does not support your high levels of spending.

With the continued incurring of debt, there won’t be enough money to pay for the interest on money borrowed. To mitigate the likelihood of overspending, use the Visa prepaid card as your primary method of payment. Since there is no credit provided by these prepaid cards, this greatly reduces the chance for impulse purchases.

4.) Develop a Plan

In the financial world, it is once said: you plan to fail if you fail to plan. Everyone should abide by this advice, extending to their family households. For instance, you had to get a family member operated on, and that put you in deep medical debt. You should begin by creating a roadmap that will lead you to a debt-free zone. On the roadmap, it will show you what your current debt total is, the time it’ll take you to repay it with your current income, and most importantly, how to save up debt-repayment money. In some cases, people who do not plan this well can end up in high amounts of debt, causing their creditors to hire a collection agency (the Collection Bureau of America for example) to retrieve their money. This could actually prove beneficial for the debtors as well, as these agencies can help come up with realistic goals to help people overcome their debt, thus making both parties happy.

A great way to keep yourself accountable while on your budgeting project would be earmarking money for spending and that for debt-repayment and keeping them in separate accounts. Your monthly spending budget can be set aside and loaded onto a Visa prepaid card used for daily expenses. This is a great habit to develop because it minimises the chance that you accidentally draw from your debt-repayment money.

5.) Always Pay On Time

Making late payments is the worst thing you can do. You will pay interest on full credit card balance as of the due date should you let the deadline pass without payment.

These unnecessary fees immediately hurt you and could be much better used to lower your debt. This will also result in a strike on your credit history. By affecting your credit rating, this will cause lowered future bargaining power. This lowered bargaining power comes about in diminished chances of receiving the best rates and deals on loans and mortgages.

Live Debt Free

Debt management remains an integral part of life. Use willpower, common sense and a Visa prepaid card to keep yourself accountable. Always settle your bills timely and remember that knowledge is only half the battle.

Visit www.t24blackcard.com to kick start your prepaid card application today.