Having money is great and everyone in this world get up in the morning to go to work or find money to feed their family or to pay for their debts, some they go to a bank to get a consolidation loan in order to consolidate their debts.
The following information is provided by Nedbank to help you on how to get out of your debts:
What’s going on in your life?
- You have high credit card expenses.
- You have lots of store cards and accounts.
- You have unpaid debts.
- You may have some personal loans.
- You’re scared to open the mail at the end of the month.
- Companies may have started to call you to demand repayments.
- You spend more than you earn.
Your financial needs
- Do not borrow any more money.
- Cut up your credit cards and store cards and close all your accounts.
- Seriously review your budget and cut back on unnecessary spending.
- Pay off high interest, short term debt first.
Other financial considerations
- Consider debt consolidation.
- Consider a debt management plan.
- Don’t even think about investing until you have paid off your short term debt.