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What are Some Surefire Ways to Get out of Debt?
Actually getting out of debt is a journey that requires patience, determination, and consistency. Stay focused on your goals, and don't hesitate to seek support from friends, family, or financial professionals if needed. You need to create a detailed budget to track your income and expenses. AllocatRead more
Actually getting out of debt is a journey that requires patience, determination, and consistency. Stay focused on your goals, and don’t hesitate to seek support from friends, family, or financial professionals if needed. You need to create a detailed budget to track your income and expenses. Allocate a portion of your income towards paying off debt.
See lessHow To Avoid Debts as a Employee?
You are an employee means you already have an income source right? If you have regular income source, you need to manage your income properly. Managing your income means adapting your lifestyle according to your income and trying to spend less than your income so that you have savings and also invesRead more
You are an employee means you already have an income source right? If you have regular income source, you need to manage your income properly. Managing your income means adapting your lifestyle according to your income and trying to spend less than your income so that you have savings and also investment funds., If you manage your life based on your income level you can easily avoid debt. One of the best ways to avoid debt is never borrow for personal needs
See lessWhat are the consequences of defaulting on a loan
The biggest consequences on defaulting a loan is, it will affect your credit worthiness, it is very much important to focus on repaying loan and if you're unable to meet with the deadline, you can renegotiate the terms with the lender, and repay according to your terms. Defaulting on loans can causeRead more
The biggest consequences on defaulting a loan is, it will affect your credit worthiness, it is very much important to focus on repaying loan and if you’re unable to meet with the deadline, you can renegotiate the terms with the lender, and repay according to your terms.
Defaulting on loans can cause you great damage because a bad credit score can hinder from accessing large loans later when you need them.
See lessWhat are common scams in loan market
The biggest scam in the loan market are the loan sharks, especially in the 3rd world countries, they know that people are in need of money so they process out loans at a very exorbitant price, and when you mistakenly default on your payments, they'll keep on adding ridiculous interest on the loan. TRead more
The biggest scam in the loan market are the loan sharks, especially in the 3rd world countries, they know that people are in need of money so they process out loans at a very exorbitant price, and when you mistakenly default on your payments, they’ll keep on adding ridiculous interest on the loan.
There’s also other ways they make it hard for people, when you take loan they’ll copy all of the contacts in your phone and call them, telling them you’re a scammer and you run away with company’s funds.
See lessWhat are the pros and cons of various debt repayment strategies?
The debt snowball method involves paying off debts from smallest to largest, providing a sense of accomplishment and motivation early on, but may result in paying more in interest in the long run. The debt avalanche method prioritizes paying off debts with the highest interest rates first, saving moRead more
The debt snowball method involves paying off debts from smallest to largest, providing a sense of accomplishment and motivation early on, but may result in paying more in interest in the long run. The debt avalanche method prioritizes paying off debts with the highest interest rates first, saving money on interest over time, but may take longer to see progress on smaller debts. To determine the best approach, I am of the opinion that you consider factors such as total debt amount, interest rates, and personal motivation levels to choose the strategy that aligns best with your financial goals and circumstances.
See lessHow to negotiate favorable loan terms
Negotiating favorable loan terms is one of the sensible things to do, as a loan defaulter, you can restrategize if you are not forthcoming with the payments, the lenders are mostly friendly to those requests and are often granted. The goal of negotiating is to offer more time to the defaulter to setRead more
Negotiating favorable loan terms is one of the sensible things to do, as a loan defaulter, you can restrategize if you are not forthcoming with the payments, the lenders are mostly friendly to those requests and are often granted.
The goal of negotiating is to offer more time to the defaulter to settle loans and it may attract more interest on the initial loan disbursed.
See lessHow To Get Out of Debt as a Retired Person?
There are ways for getting out of debt for a retired person. First, you have to create a budget. List all your income sources like pension and expenses. Know the areas where you can cut back on unwanted spending to free up money for debt payments. You should also focus on paying off high-interest deRead more
There are ways for getting out of debt for a retired person. First, you have to create a budget. List all your income sources like pension and expenses. Know the areas where you can cut back on unwanted spending to free up money for debt payments. You should also focus on paying off high-interest debts like credit cards first. You can make minimum payments on other debts while paying the highest-interest ones first.
See lessHow to avoid debt when planing for marriage
I do not see how can someone go into debt while getting married. There is just one requirement to get married, you need a partner. Once both of you agree, you can get married in a Church, a court, or what ever marriage tradition you have. Well, you might need some money to register your marriage andRead more
I do not see how can someone go into debt while getting married. There is just one requirement to get married, you need a partner. Once both of you agree, you can get married in a Church, a court, or what ever marriage tradition you have. Well, you might need some money to register your marriage and make it legal but that’s a small amount. If you don’t make your marriage public affair, you don’t get into debt.
See lessWhat is responsible borrowing?
Responsible borrowing is borrowing money you are sure of paying. You have looked from all indications that you have the means of paying back. A lot of people have in place a collateral that spur them on to look for means to pay back to retain their collateral. The thing is that we need to always shoRead more
Responsible borrowing is borrowing money you are sure of paying. You have looked from all indications that you have the means of paying back. A lot of people have in place a collateral that spur them on to look for means to pay back to retain their collateral.
The thing is that we need to always show that we are responsible when trying to get loans by presenting the different ways we intend to make our repayment.
See lessShould you prefer paying off debt fist or save money first?
Though the two are worth doing but you should do the paying of debts because this one has to do with another person so you need to settle them first to avoid harassment or embarrassment from people of the person you are owing. When you are able to make all your debt payment you would be more settledRead more
Though the two are worth doing but you should do the paying of debts because this one has to do with another person so you need to settle them first to avoid harassment or embarrassment from people of the person you are owing.
When you are able to make all your debt payment you would be more settled to start saving. I don’t think it would make any economic sense to be saving money while you are owing and your debtors are after you for payment.
See less