All Entries Tagged With: "repaying debt"

Most people in the US are addicted to using credit cards, which has resulted in huge debt accumulation. More and more people are sinking deep into the debt hole, and they are finding it increasingly difficult to repay their loans. One of the major reasons of non-repayment is inadequate knowledge about repayment. People have heard about ‘debt consolidation’ but they don’t know what it is and how it works. Managing personal finance sounds good to them, but they don’t know where to start from. Here are, therefore, few debt repayment methods that might work for them. Flip and Repay If you are paying high interest on your credit card debts, acquire a 0% APR balance transfer card and transfer your existing balance to this account. These cards are usually easy to acquire, and have such  [...]

While many have argued on the topic before, debt reduction is a priority for me. Though there are many advantages of saving money every month, it doesn’t make sense if you are still repaying debt coupled with high interest rates. I would, however, like to negate my own statements because building an emergency fund is equally important. In economic situation like today’s, not many people would feel helping is a virtue. Though we can expect some help from friends and relatives during emergency, financial institutions is not even an option to count on, as we are already buried under debt up to our noses. Saving has another advantage over debt repayment. Money saved is flexible. You can use funds from it to repay your debt, in case you need to. Money paid to repay the debt, however, can  [...]