How To Manage Debt

It is hard to live without debt-unless your father owns a bank. Debt is good if you put it to the right use. In this case debt can help you grow your wealth.  If you are borrowing to grow your wealth you are doing the right thing.

It’s therefore important for people to know how to deal with debt anytime they find themselves servicing one. To be able to manage debt:-

You need a solid plan– have a plan that will ensure the debt you incur does help you rather than make you poorer.

Live within your mean-having a good life out of debt is utter stupidity. Don’t fall in such a trap.

Avoid hire purchase like a plaque-it is better to save for your purchases than borrow for them especially if they are small ones.

Never default on your payments– ones you start servicing a debt keep the momentum to the end.

Compare the different rates out there before signing the papers- you might end up working off your ass for someone else double-double.