Are you struggling with debt? There's only one way out: take action.
Take control of your debt by implementing the following strategies.
1. Determine your current debt situation
Before you can take appropriate action, you need to know where you stand. Find out how much money you currently owe.
2. Choose your plan of action
You can choose to pay the lowest or the highest balance... ››› more
Is there such as a thing as good debt? While some people consider that all debt is bad, the truth is that not all debt is created equal. Some types of debt are worse than others.
While some things are worth getting into debt for, others are not. What type of debt is considered good?
Good debt refers to long-term debt that usually pays off in the long run. It helps you generate income and ... ››› more
Have you ever been asked to co-sign a loan by a friend or family member? Co-signing is a huge decision, one that should definitely not be treated lightly.
Most financial experts recommend that you take your time to consider all the risks before saying Yes to co-signing a loan.
Here are a few reasons why you shouldn’t co-sign a loan.
You have no benefits, only disadvantages
By agr... ››› more
Are you still struggling to get rid of debt? Is your financial future in jeopardy? Then it's time for a change.
Unless you choose to change your bad spending habits and become more disciplined when it comes to your finances, you'll never be able to get out debt.
The problem with debt can be a never-ending one if you don't take the necessary measures to stop it.
Here are some effortless wa... ››› more
Many people are embarrassed to admit their credit card scores. Unfortunately, you can't improve your credit score overnight; it takes a few months to see actual results.
One of the basic rules for improving your credit score is keeping the debt-to-credit ratio below 30 percent.
Here are a few other strategies you can use to improve your credit score.
Check your credit report – this is ... ››› more
Responsible financial planning includes proper debt management. You can't claim to be financially independent if you're still struggling with debt and even acquiring more debt than you already have.
Debt management doesn't have to be difficult, as long as you act responsibly and practice self-control and discipline.
In order to take control of your debt, take into consideration the following ... ››› more
Are you trying to regain control of your finances but to no avail? It might have something to do with the debt you have gotten yourself into. If you're buried in debt, it can seem practically impossible to put your finances in order.
The first thing you need to do if you want to have any chance of getting rid of debt for good is to change your attitude towards saving.
Here are five ways to c... ››› more
Credit cards can be your friends in times of need, but they can also turn into your worst enemies if you're not careful.
In a society that is addicted to consumption, it's quite easy to get buried in consumer debt due to overuse of credit cards. That's why it's so important to understand how to use credit cards wisely, in order to avoid getting into debt.
As convenient as they are, credit ca... ››› more
Have you recently been denied credit? The reasons for being rejected for a credit card vary. Although the credit card company will rarely tell you why your credit card application was denied, you can determine the exact reasons by performing a quick analysis of your credit history.
Here are some of the most common reasons for being denied a credit card.
1. Your credit cards are maxed out
... ››› more
Are you considering refinancing your mortgage? Before making a decision, it helps to take all factors into account and understand what refinancing entails.
Refinancing may seem appealing to many, but you need to know exactly what you're getting yourself into.
You should consider refinancing your mortgage in the following situations:
You want to lower your interest rate
Reducing you... ››› more
Interest rates can be our worst enemies. They're the main instruments by means of which banks make their money.
It's very important to understand the difference between fixed and variable interest rates before taking out a loan, so you can make an informed decision and avoid regrets.
This is especially true if you’re thinking of buying a home in the near future. You need to understand whic... ››› more
Credit card debt can seriously affect your finances, so you owe it to yourself to eliminate it as quickly as possible.
You may have a perfectly valid reason for getting into debt in the first place, but that doesn't matter. Right now, you need to focus on paying off your debt before acquiring more interest and becoming overwhelmed.
But how do you do it? How do you tackle credit card debt eff... ››› more
If you're like most people, you lack advanced financial planning skills. You've learned the basics of money management on your own. Or perhaps you've never even given money management much thought until now.
Whatever your age, you must understand that your current financial situation depends on the choices you have made in the past, just like your future situation depends on the choices you are... ››› more
Debt is often a cause of stress and unhappiness. The more debt you have, the more stressed out you are.
Sometimes, it seems that you have lost all control and that debt has won. But, rest assured, you can gain back the power and get rid of debt once and for all. It won't be easy, but it will surely be worth it.
How do you take back control of your finances and manage to pay off debt in full?... ››› more
Are you too embarrassed to admit your credit score? There are certain ways to improve your credit score in time, as long as you are determined to change your spending habits.
Your credit score indicates your level of trustworthiness to potential lenders, banks, employers, landlords, or insurance companies. You should aim to have a higher credit score.
The first thing you can do is check your ... ››› more
Disclaimer Note that FSP Invest, a division of Fleet Street Publications (Pty) Ltd, is a research house and not a registered broker, financial advisor or financial service provider. Our editors and customer services teams also do not give personal investment advice. The advice in this website is general advice only and may not be appropriate to your particular investment objectives, financial situation or particular needs, so before investing or if in any doubt about your personal situation, you should seek professional advice from a stockbroker or independent financial adviser authorised by the Financial Services Board.
We research our recommendations and articles thoroughly, but disclaim all liability for any inaccuracies or omissions found in this publication.
Remember: Never invest more than you can afford to spare and that the value of any investment, and the income derived from it, can go down as well as up. The past is not necessarily a guide to future performance.
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