Tips for managing debt

Debt between the rich and the poor have different characteristics:
1) The Rich owes to buy productive assets or property while the poor people accumulate assets in debt to consumer,
2) the rich pay the debt make revenues earned from the productive asset (passive income) while the person poor to pay the debts from his income (active income). Due to the strict debt management, your life will be much more secure and comfortable, and can invest for the future. Here are some tips you need to know in managing debt:

1. Payable only for unexpected needs and can not be postponed, for example there is a sick family member or school purposes.
2. Payable for purchase of productive assets and increasing its value, such as houses, land and gold. Try not owe to buy mobile phones, shoes, electrical appliances, clothes, bags and accessories for body and home furniture. Because these items have a tendency to decrease in value.
3. A limit on debt payments is 30% of your income.
4. Pay debt on time and note / trim the administration and documentation associated with the debt.
5. Do not cover debts owed by another (dug holes closed hole). Unless you have been properly take into account all the excess and the fees charged.
6. The order you owe should be prioritized in order starting from the safest, namely: spouse, parents, siblings, friends, pawn shops, banks, leasing and loan sharks. But if you need money and you are not comfortable to borrow money, better sacrificed and sell your assets are still valuable (eg gold), than you borrow from some place that will charge very high interest and detrimental to you.