debt management and
Solutions
how can i get out of
debt?
Getting out of debt requires patience, discipline, and the willingness to keep on track with your promised repayments. It is the most valuable step you can take to become debt-free is to avoid relying on new credit to repay your existing loans. To become debt-free, there are several steps that you can take such as budgeting, categorising your loans, and re-evaluating your assets to see if there are items you can sell to raise additional cash to make repayments.
How do you know when you need personal financial management assistance?
If you find that you have multiple outstanding loans, that you are struggling to make repayments on-time, or are borrowing more money to repay an existing loan (called revolving credit), you may be having financial problems.
A good financial/money management road begins reviewing your debt is to list your outstanding loans, retail accounts, or bonds, and list their interest rates from highest to lowest. By prioritising additional repayments to your loans with the highest interest rate, you may be able to save money in the long run by reducing your total outstanding debt.
If you feel that you have too much debt to manage or your finances are too bad, it is worth contacting a registered debt counsellor such as ourselves to review your debt problems. We are a debt reduction company That will be able to assist you in drawing up a revised monthly budget and payment strategy, or, should they see reason for it.