WHATS THE BEST WAY TO MANAGE DEBT?
For many of us, borrowing money helps us work towards our financial goals. But from time to time, our debt can become a burden. And for some, it can result in significant financial hardship. The key to ensuring that debt continues to work for you, rather than against you, is careful debt management. Consider these tips for paying off your debts. • Modify your budget to make sure It accounts for your debt repayments • Pay off debts with the highest interest rates first, as these can cost you more in the long run • Credit cards require you to pay a minimum amount each month. Consider paying more money than the minimum required so you can pay off your debt faster and pay less interest • Think about consolidating your debts if you have more than one, but only do so if it will help you to minimise your overall interest payments and the fees and charges you pay. • Once you’ve paid off a debt, keep setting aside the repayment amount to help reduce other debts faster or put into a deposit acco
