Digging Your Way Out Of, and Take Control Of Your Debt
Over 50 percent of credit active consumers in South Africa are struggling to manage their debt commitments every month. The need for you to be able to take control of your debt is becoming more and more urgent every single month.
Here are five short steps you can take to dig yourself and your family out of that negative spiral today…
5 Steps To Take Control Of Your Debt
1. Track Your Spending
2. Develop Your Plan Of Attack
You didn’t just wake-up one day and find yourself over indebted, it took some ‘effort’ and choices. So it’s going to take some effort to reduce those expenses. Think about how you are going to tackle this challenge over the next few months. You may decide to start with the smallest accounts first, or you may look to payoff the highest interest bearing accounts first.
3. Debt Consolidation
While debt consolidation can cost your dearly if you let the loan run too long, it can be an excellent way of focusing your debt control in one direction.
4. Revolving Debts
Interest rates can be crippling on credit cards. Some banks will consider offering you a revolving loan at a better, lower interest rate what you can then use to settle those credit cards.
5. The Budget
If you spend money, you need a budget! The problem is that most of us have very little disposable income that we can use to budget with. You need to go back to Step 1 and find out where you can cut back for a short while until you’re able to start managing your finances.