Debt clearance from your life is easy but one has to be discipline and wary of procrastination.
Debt Clearance Basic Guide
If an individual can adhere to these three basic rules, one will eventually be free from the snares of debt. We have to note that it won’t be smooth ride, but it will be worth all the troubles. Here are some helpful ways it can be done:
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To solve a problem, one has to first of all, acknowledge that such a problem exist, it is then that a solution can be proffered. These are few tips to help you know your debt profile:
Constructing a framework for debt clearance
After knowing your debt profile, now is the time to discover a way out of your financial predicament. There are no straight ways to work with, you have to work with what works for you and your loved ones.
Consider the following tips and tools for a successful debt clearance:
A. Make a budget of all your expenses
B. Using a debt repayment calculator will not be a bad idea.
C. Be real about offloading your debt
D. Be tenacious about offloading your debt
E. Prioritize your debt clearance (Scale of importance)
F .Kindly make sure there is an emergency fund, you don’t want to be empty when you are in dire need of money
Make sure your credit score improves
Credit score is important and paramount to getting reduced interest charges ,there improve on it. Follow this tips to make sure your credit ratings is top notched:
A. Know the benefits of credit rates and scores
B. Make sure your bills are pay as at when due
C. Please make sure you don’t close running bank accounts
Look for avenues to reduce interest rates
Let’s say you are working on making your credit score good, make sure you are obvious of the fact that avenues to reduce interest on debts are much available for your to catch on.
You can do these through this ways:
A. Make sure your debts is refinanced on time
B. Look for low interest rates for credit cards (Citi banks offer 0% to 1%)
C. Bargain for low interest rates on equities and mortgages
Earn more money than you spend
The best way out of this conundrum of financial mess is to earn a good income and spend relatively low. Here are some ways to do that:
A. Read books on personal fiancé
B. Reduce your standard of living
C. Make more money
D. Avoid gambling and ponzi schemes
E. Earn bonuses for work done
In conclusion, clearing off your debt this year require you earn very good income and spend very low compared to your income.