DON’T GET CAUGHT IN DEBT

WRITER: B.E.CONRAD

If you feel you can never be able to get out of debt, you are certainly not alone. Millions of people struggle with debt, and those costs add up pretty quickly. From late fees on your credit cards to interest charges on student loans, debt is expensive. If you want to get out of debt and stay debt-free for a lifetime, avoiding debt traps is a great way to start. Here are five of the most common debt traps and how to avoid them.

No. 1 Not Keeping Track of Your Balances

If you do not know how much you owe, chances are you will never pay it off. Whether your outstanding balances are in the hundreds or tens of thousands, you need to keep careful track of how much you owe and how much you pay back each month.

The monthly payments on your debt should be part of the family budget, and total outstanding balances should be part of your net worth balance sheet. If you do not have a family budget and a net worth spreadsheet, now is the time to create them.

No. 2 Buying More House Than You Can Afford

If you are in the market for a home, the bank or mortgage company will run the numbers and tell you how much home you can afford. That does not mean, however, you should spend that amount.

Experts recommend that mortgage payments be no more than 28 percent of your gross income, so run your own numbers and set your budget accordingly. Buying a less-expensive home than the bank says you can afford is a great way to avoid crippling debt should something go wrong.

No. 3 Making Minimum Payments on Your Credit Cards

If you pay the minimum on credit cards, it will take years to pay off even a small balance. Making the minimum payment is one of the most dangerous debt traps of all.

Paying the minimum may seem to stretch your monthly budget, but with credit card interest rates hovering around 15 percent or higher, nothing could be more harmful to your finances. If making a larger payment is beyond your reach, it is time to cut up your credit cards and put yourself on a strict cash budget.

No. 4 Your Kids Rule Your Financial Life

It is hard to say no to your kids, but there are times when no is the right answer. If the needs of your children are ruling your financial life or causing you to spend beyond your means, it’s time to start saying no.

Children’s needs are important, so don’t skimp on things they truly—school supplies, quality clothing, and food are essential. The latest cell phone and the best tech gizmos are not.

No. 5 You Fail to Plan for Emergencies

If you fail to plan for emergencies, even the smallest financial road bump can send you into a tailspin. It could lead to ever-increasing amounts of debt leaving you unable to dig out of the hole that lack of planning has created.

Financial experts recommend you have a minimum of three to six months worth of living expenses set aside in a money market fund or savings account, and 12 months is even better. If your current balance is a little light, keep putting money aside until you reach your goal.

Getting into debt is easy; getting out of debt is much harder. When it comes to debt, what you avoid doing can have an even bigger impact than what you do. Avoiding the five common debt traps listed above can help you stay out of debt, which is much easier than trying to get out of debt.

JULY 5 AND 19

Joint Replacement Class

Patients undergoing hip or knee replacement will feel more confident and better prepared with this class. An instructor walks patients through the entire process—from preparation to recovery—and addresses any questions or concerns they may have. South Lake Hospital, 1900 Don Wickham Drive, Clermont. Information: 352.394.4071

JULY 6

Eating Well With Diabetes

Led by a registered dietitian, this free community class helps diabetics and prediabetics learn proper nutrition. 9:30 to 11:30 a.m. LiveWell Fitness Center at South Lake Hospital, 1935 Don Wickham Drive, Clermont. Information: 352.241.7109.

JULY 7

Cancer Support Group

A cancer diagnosis begins a journey that is both physically and emotionally challenging. This group provides an opportunity to be with other cancer patients and survivors and receive encouragement and support.1:30 to 3 p.m. at Florida Hospital Waterman’s Cancer Institute Conference Room, 4000 Waterman Way. Information: 352.253.3605.

JULY 9

Cool Summer Mornings 5k Series

Participants will enjoy a scenic 3.1-mile course that begins on Clermont’s residential streets, heads out onto the South Lake Trail and ends at Waterfront Park. Start time is 7:45 a.m. 330 3rd Street Clermont.

Information: 352.394.1320

JULY 11

Parkinson’s Disease Support Group

Emotional support and education for patients with Parkinson’s disease and their families. 1 to 2:30 p.m. Conroy CREATION Health Center at Florida Hospital Waterman, 1000 Waterman Way in Tavares. Information: 352.253.3685.

JULY 11

Central Florida Triathlon & 5k Series #2

Athletes will complete a 10-mile bicycle ride, 3.1mile run and ¼-mile swim. Waterfront Park, 330 3rd Street Clermont. Afterward, competitors will enjoy great food, an awards ceremony, and live entertainment.

Information: 352.394.1320

JULY 12

Mended Hearts Support Group

Mended Hearts offers hope to patients with heart disease, as well as their families and caregivers.

12:30 to 1:30 p.m. at Florida Hospital Waterman, 1000 Waterman Way, Tavares. Information: 352.253.3399.

JULY 13

Cpr

This class, sponsored by South Lake Hospital, provides certified training in basic life-saving techniques for use with adults, children, and infants. This class also offers CPR renewals that follow the American Heart Association’s basic life support guidelines. Cost: $40. 6 to 10 p.m. LiveWell Fitness Center at South Lake Hospital, 1935 Don Wickham Drive, Clermont. Information: 352.241.7109.

JULY 16

Caped Crusader 5k

This event is part of the National Training Center’s Lace it up Series. This is a progressive race series, offering a distance for every level of runner or walker. Each race will be chip timed, and participants receive a finisher medal. 1935 Don Wickham Drive, Clermont. Cost: $28 for early registration; $35 for late entry. Information: 352.241.7144

JULY 18

OB/Labor and Delivery Tours

Lake County residents may tour Leesburg Regional Medical Center’s beautiful Life Center for Women unit, which is located on the hospital’s second floor. 5 p.m. Information: 352.323.5960.

JULY 26

Senior Yoga

Yoga in a chair is a wonderful way for people with physical limitations to experience relaxation and flexibility that yoga brings. It also helps bring increased circulation to all parts of the body. 10:30 a.m. Cost: $10 per person. Vitruvian Health Center, 353 Plaza Drive Eustis. Information: 352.255.1969

•

• Over 30 years