Debt Management Tips from Chris Gardner

Chris Gardner is a self-made millionaire. He is not only the CEO of the stockbrokerage firm Gardner Rich, but he is also the protagonist in the movie The Pursuit of Happyness (yes, the one with Will Smith in it). His journey toward financial success taught Chris Gardner a lot of important lessons, the most popular of which are his very own debt management tips. Here are some tips to help you get out of debt courtesy of Chris Gardner.

Work out exactly how much you owe

Do you know the exact amount of money you owe? Well, you should. The first step in settling a debt is to determine how much money you need to pay for it.

Watch your spending

The only way you can get rid of your debt is to have the money to pay for it. So, watch your spending. Buy only those items that you need and try to abstain from buying those that you only want.

Use cash not cards

One of the major sources of debt is a credit card. It’s so much easier to shop around when you are charging purchases on a plastic card and not paying them with a dollar bill.

Don’t ignore your problem

A debt is a debt – whether you choose to acknowledge it or not. Instead of pretending you did not receive any billing statements from your bank or your lender, make good use of your time and energy by saving more money or finding extra jobs.