The problem with Debt is that it’s often a slippery slope. Easy to get into and so hard to get out of- even some of the most organised people who lent money with the best of intentions have found themselves in this position. Once lenders can see you’re making regular payments, they’re keen to lend more and more money, and in time you can end up with repayments that are large and unmanageable. Just paying the minimum payment each month is just covering the interest, so the actual balance doesn’t go down. However, it is possible to get out of debt, reduce your stress levels and put yourself on the path to a brighter financial future. Here’s how you can go about it! Pay off Debts With Savings You might feel like your savings are for a rainy day and should be kept at all costs, however it makes no sense to do this. It will work out much less expensive for you (due to interest that debts accrue) to use any money you have saved to pay down any balances. Even if you don’t manage to cover everything, it will bring down the interest and allow you to pay […]
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