Should you save money to clear your debts.

[TOZZIBLINKZ]

Individuals have certain priorities and responsibilities in life and from time-to-time these priorities and responsibilities could need money to be properly handled and solved , individuals sometimes go as far as to seek loan either from loan applications or via the banking institutions . What ever the case may be the individual in question will have to repay back the money loaned to him or her , and for the meantime he or she is a debtor probably indebted to someone or a bank . Some people delay the time of actually repaying back a loan possibly there are waiting for the right time to do so , well there is indeed no right time to repay back a loan you've possibly collected other than the agreed time and due date . And so even if you have to save your money to possibly repay back a loan you've probably collected some days , year's , or weeks back by so means do it . Never wait for a magic to happen for you to all at once get the amount of money you need to repay a loan because it might never happen and sometimes if you will have to repay back a borrowed money , you definitely have to do it the hard way which gradually save up money to repay the loan .

Being a debtor totally gives us no peace of mind and no sense of belonging , but in other to gets these back , we literally need to be free from all debt we owe to everyone .

 

[Augusta]

Definitely, being a debtor will never allow you have peace of mind as you always be thinking how you intent to pay back the money or you end up with some draggings. This is why when I see people accumulate a lot of debts and yet to pay back I wonder how they sleep at night. I hate anything that will take away my peace so I try not to put my self in any dicey situation.

if it means one saving to pay back a loan, then the person should go ahead it is no bad decision st all. You need to first find out how you would divide the loan into smaller units. if you don't want to pay in bits then you can save in bits and when it is whole enough, then you can make a payment. This is better than not making payments at all which will bring more stress.

 

[Olakuesther]

My own advice is to concentrate paying off big debt while making modest financial contributions. Once your debt is paid off, you may aggressively increase your savings by putting the full amount you were previously paying each month toward debt toward savings.

 

[Suba]

Debt often causes problems for debtors, even among them there are those who make new loans to pay off old debts. But now you don't need to worry, of course there is a solution, if you have debts to banks and other debts, then you have to make a list of debts and determine the minimum installment that you have to pay every month, the method is very easy, you just need to add up all the debts and your installments every month. that's the amount you have to pay every month until your debt is paid off. Look for extra income both offline and online. Pay off debt with a priority scale, so you don't get fines and additional interest. If you still lack money to pay your debt installments, then you can sell things you don't need or you can also take over car loans (resale), so will reduce your debt repayments. and lastly do not create a new debt.