- Put all of your debts on one page: this way you can see exactly what the problem you are facing.

- Pay off one debt at a time: after you have made minimum payments on other debts, pay off the highest interest debt you can deal with in the quickest time.

- Ways to shrink your debt: 1st is to increase your income, 2nd is to decrease your expenses, 3rd make payments and 4th is renegotiate interest rates.

- Build a residual income: initially the amount may trickle in but as the debt shrinks the amount will grow.

- Get rid of your credit card debts

- As the use of credit card increases rampantly, credit card dept have skyrocketed to billion of dollars- an amount that can sink the economy of many small countries. Those stuck with credit card debts usually have few financial resources to fall back on. The fastest way to get rid of credit dept is the lesser it is, the better it is. So if you drop a credit card or quit using it, that is the fastest way rid of your financial problems. Other ways to reduce your credit cards debts include.

- Start paying cash: with direct debiting concept, the cost of your general consumption will decrease instantly.

- Spend less: by correcting one’s habit of spending less, will trigger other good spending habits. You also need an effective plan to get rid of your debts

- Calculate your savings: see if they are equal to your payable amount. If not, seek a settlement which entitles you to a 40% to 60% reduction in your debt amount.

- Have a budget: list all source of your income. Then calculate your fixed expenses such as insurance premiums home loan payments and car loans, etc.

- Stick to a budget: make a list of monthly expenses like electricity bills, telephone bills, clothing and recreational expenses.

- Consolidate your dept: if you have more than one credit card, go to the bank and get a debt consolidation loan at far lower interest rates.

- Take a home equity loan: you can take home equity loan at a low rate if you have equity on your home. Last but not least is transferring your balance to zero interest rate card for a specific time.

Tips

Open your account(s) at a bank near your home or office so that it is convenient for you to make deposits, use an ATM or talk with bank employees.

Consider how many ATMs the bank offers, whether they charge a fee and whether 24-hour customer service is available.

Low price does not   always mean best choice. Look into the service you are getting for money. Do they meet your needs or will you have to spend extra to get those services?

Make sure that any bank with which you open and account is PDIM- insured, which means your money is insured up to account RM 60,000 per account.