Credit Card and other DebtMake a list of all your debts under the following headings:
Even if you have to hunt to get all the information, do it, you will find that it is well worth the effort.
Good Debts, Bad DebtsGood debts are usually fixed term and relates to an appreciating asset, like student loans, house loans, car loans. Bad debts are e.g. credit cards and store cards. In the list above, indicate whether it is a good or a bad debt.
Reduce highest interest rates firstCheck the list of bad debts for the highest interest rates and start paying them off first, pay the minimum on the others. You will see quicker results this way.
E.g. If the store cards charge higher rates than the credit cards, use your credit card to reduce the balance on the store cards. Please use your own good judgement of how much and how many to pay.
Reduce BillsIf you want to buy something, check whether it is essential or not. If you can’t afford it, don’t buy it. Rather look for cheaper alternatives if you have to have it.
Get another incomeFind alternate ways to get an income by
Debt consolidationTo get out of debt, you may need to consolidate your debts by taking out a loan to cover them all, and then paying off the one debt only. This would help especially of the interest rates are lower than the others. It may give you a bit of leeway to get your plan and act together. It may also get you deeper into the 'dwang', so be very careful with this option.
Debt ReliefIf you get a bonus, tax refund, or other once-off payment, rather reduce your debts with it and/or create a cushion with an emergency fund.
Having a GOOD Plan to Get Out Of Debt will improve your health and relationshipsGetting out of Debt will help
In a country where people don’t save, the gap gets bigger and bigger between the have’s and the have nots.
It is our responsibility to our fellow man to value, save and invest money.
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