What is the secret to getting out of debt? If you're looking for some magic way to eliminate debt, you won't find it. The harsh truth is that it's fairly easy to get into debt, but difficult to get out of it.
The reason why you got into debt is irrelevant. People get into consumer debt for various reasons: they want to keep up with their higher-earning peers, they want to buy things they know ... ››› more
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
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 think that being debt-free is an impossible target to reach, think again. Anyone can learn how to save more money, keep a budget, and live within their means.
Living on a budget requires discipline, but it's worth the effort. At the end of the month, when you spend less than you earn, have paid up all your debts, and have also managed to save a decent amount, you will be much happier th... ››› more
If you're having trouble paying off your debt and can't seem to take control of your finances, then you need to take action as quickly as possible.
The first thing you should do is prioritize your debts and try to pay off the largest ones first.
Make it a priority to pay off the most important debts first, such as your mortgage, rent, bills, income tax, VAT, and any secured loans.
Then,... ››› more
Debt affects most people, at one time or another. Although it's best to avoid getting into debt in the first place, sometimes debt cannot be prevented.
What you do to get out of debt and take back control of your finances is extremely important.
Here's what you need to do in order to control your debt before it controls you.
Step 1: Acknowledge that you have a problem
The first step... ››› 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.
Editors or contributors may have an interest in investments commented on in this newsletter. However they have signed restraints to prevent the abuse of their position as contributors to this publication.