Mika
VIP Contributor
Debt is one of the major problems for a lot of people. Debt is the reason why a lot of people are struggling with personal finance. Here are a few methods that can help you get out of the deadly debt.
Avalanche method: In this method, you make a list of your debt and compare the interest rates. You start clearing your higher interest debt. Even when you have some spare money, you try to make advance repayment for higher interest debt.
Debt Consolidation: It is easier to track and pay one debt instead of multiple debts. When you do debt consolidation, you combine your all debts into one and they start repaying consolidated debt.
Proper Use of Credit Card: Use credit cards only when you can pay all credits within the payment deadline.
Control your spending: Without controlling your spending, you can never get out of debt. It is perfectly understandable that you want to enjoy life, however, what is the point of spending money on fun activities when you are not paying your debt?
Avalanche method: In this method, you make a list of your debt and compare the interest rates. You start clearing your higher interest debt. Even when you have some spare money, you try to make advance repayment for higher interest debt.
Debt Consolidation: It is easier to track and pay one debt instead of multiple debts. When you do debt consolidation, you combine your all debts into one and they start repaying consolidated debt.
Proper Use of Credit Card: Use credit cards only when you can pay all credits within the payment deadline.
Control your spending: Without controlling your spending, you can never get out of debt. It is perfectly understandable that you want to enjoy life, however, what is the point of spending money on fun activities when you are not paying your debt?