The Lannisters always pay their debts. What about you? Are you struggling to pay your debts?

We all wish that we can reach Uncle Scrooge levels of richness, yet the harsh financial reality proves to be contrary. Becoming a millionaire doesn’t happen overnight, especially if you’ve been struggling with your finances.

With 66 percent of Americans paying off debt, three quarters (75 percent) believe they are in control of their future. In general, debt is not always a bad thing. It allows you to purchase a home while you are young enough to have years of employment or allows you to buy a vehicle when you cannot afford one.

From the other hand, bad money habits can destroy your financial dreams. Whether you carry a small balance on your credit card each month or are staring up at a mountain of debt, a few good money habits will lead to a positive impact on your payday loan debt.

Nobody wants to get buried in payday loans, neither 19 million Americans who use payday loan every year. If you are one of those who take out payday loans, it’s crucial to know how to stop this vicious cycle of payday loan debt.

Generally, according to the New York Fed, American’s debt hit a new high of $13 trillion in household in 2017, surpassing the previous record set in 2008 by $280 billion.

Throughout the U.S., low-income people struggle to access affordable credit, and as a result, build wealth. Moreover, according to CFPB research, almost 70 percent of payday loan borrowers take out a second loan within a month of their last loan.

With the purpose to solve the problems of the small-loan market, the official Notice of Proposed Rulemaking for Payday was released. In the event that the CFPB’s small-rule outlines new restrictions on payday loans, the number of loan consumers able to get it will be limited, indeed.

Once the final version of the CFPB’s rule is published in the Federal Register, it will take effect 21 months later. Even if the rule is finalized, such details as pricing, size limits or other essential terms are still subject to discuss.

To get you up to speed, payday lenders from several states, including Arizona have been already touting legislation to authorize high-cost installment loans. Considering that banks traditionally do not make small-loans and do not lend for families with no credit, making ends meet for Arizonans is as difficult as ever.

When it comes to your money, a little knowledge can go a long way. Instead of waiting for your situation to magically improve, you can do yourself no greater favor than to take a hard look at the money habits that are keeping you in payday loan debt. By taking baby steps, you can put yourself in control of your life.

Money Habit #1: Review Your Payday Loan Debt Regularly

Some rich people are rich just because they make a clever decision and review their finances regularly. As the old saying goes – what is not measured cannot be managed. So, make sure you measure everything.

Whether you prefer to start doing this by finding a tool you like or use a spreadsheet program, make sure you have listed everything. Then set financial priorities needed to keep your payday loan debt. Besides, two-thirds of millionaires set financial goals daily, weekly, monthly, annually and for their lifetime.

Thus, you can see the overall picture of your spending habits and find an area where you can reduce your spending. You can always ask for extensions. Let’s say, some expenses such as utilities and phone bills are willing to work with customers if they call way before the bills are past due.

Money Habit #2: Track Your Spending

Knowing where your money goes gives you control of your finances. If you’re not tracking what you spend, you’ll never become a millionaire. Spend within your means.

Track your expenses to be 100 percent honest with yourself regarding where your money is going. Make sure you record everything. In addition, keep all of your receipts, credit card statements, and notes easily accessible. At the end of the day, you’ll be able to see whether you can make improvements in your spending.

To give you an idea, rich people do not always buy assets with depreciating value, instead, they lease or rent them. Say, when it comes to fancy watches for special occasions, they prefer to rent them from special websites. Thus, you impress the world with your bling without wasting a ton of money for nothing.

Money Habit #3: Cut Your Spending

Quite frankly, who of us doesn’t have the cardinal sin of spending more than you earn?

Without a budget, you end up overspending. In fact, creating a budget isn’t a rocket science. After all, it can make a huge difference in your finances.

Without getting into the money habit of budgeting, you will continue collecting problems in all areas of your personal finances. The bigger your spending, the more vicious the debt cycle.

Budget like a millionaire. No wonder, most of them aren’t driving Lamborghinis and eating caviar. They prefer to drive reliable used cars and eating mashed potatoes and meatloaf. They religiously plan and track their expenses each month. That said, they know where their money is going at all times.

Money Habit #4: Do not Rely on Credit to Pay the Bills

If you do not review your finances & do not budget your spending, so what are we even talking about? How is it possible to rely on credit without extreme care and planning?

Unless you have a rich uncle/aunt/cousin you failed to mention, you can continue using credit to cover basic things like food, rent or other mindless purchases like new clothes. Continue using your credit card whilst trying to pay down the balances looks like trying to shoot the moving target.

To get you up to speed, no one ever became rich because they could put off payments for 30 days, and no one ever stayed rich from rewards points.

According to some research, paying with credit cards makes shoppers spend more money, whilst paying with cash keeps a better relationship with the purchased products.

And the last one, get into a habit of using the $20 rule – anytime your purchase is less than $20, pay in cash, not credit.

Money Habit #5: Paying Your Bills on Time

By paying payday loans past their due date, you’ll get hit with a late fee and interest charges that can cause your bill to be even more. Moreover, you can easily run the risk of affecting your credit history. Uncontrolled payday loan debts can lead to credit downgrades or worse.

Make a habit of always paying your payday loan bills on time. By getting financially organized, you can set up a system of paying bills on time. The idea is that if you can’t get out of the red as quickly as possible, it becomes next to impossible to build wealth.

Start making your own decisions to stay in control of your payday loan bills.

Money Habit #6: Check Your Saving Options

Face it, many of us end spending what we earned. Once we get a pay rise, we just spend it. When it comes to money savings, taking action to prevent impulse purchases is initial. You can’t build a wealth of more money is leaving your wallet than coming in.

Trying to generate significant savings in the financial aspect of your life can be hard. But there are always easy wins to get started with. Try to locate a different action substitute spending such as exercise or being with friends. Let’s say, you recently joined a sports league, then you can probably nix the gym membership.

Most self-made millionaires established aggressive saving goals early in life. Get into a habit of establishing saving by automating the process.

Money Habit #7: Take Control of Your Career

Look for an alternative job. Offer your expertise so you can bring in the extra cash you need to pay your payday loan debt. Think of mowing lawns, doing some repair work, or even walking with your neighbor’s dog. Really, why not?

Take your hand at freelancing to make a few dollars on the side. All in all, if you have some ideas on trading your skills for cash, you’ll definitely succeed in contributing to the debt-payoff fund.

Money Habit #8: Surround Yourself with the Right People

As simple as it may sound, a habit of surrounding yourself with the people who share the same goals and visions when it comes to becoming financially independent is crucial. That’s all about influence and impact those people have on the decisions we make in our lives.

So, if you decide to achieve financial independence, choose people who you associate with. Rich relationships inflect you with their good habits and positive mindset.

Be Careful with Your Money

Do not think that rich folks just spend money all willy-nilly, instead, the reality is that most rich people got rich being careful with money. They are wealthy because they follow simple money habits year after year.

So if you don’t want your payday loan debt in the next horror story, act like the Lannisters, who always pay their debts. And become debt free tomorrow.