Should you prefer paying off debt fist or save money first? Paying of debt is equally important like saving money…..
Should you prefer paying off debt fist or save money first? Paying of debt is equally important like saving money…..
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Just like in other markets, there are also a lot of scams in the loan market. How can borrowers protect themselves from predatory lending practices and scams in the loan market?
Just like in other markets, there are also a lot of scams in the loan market. How can borrowers protect themselves from predatory lending practices and scams in the loan market?
Read lessThe 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 lessDefaulting on a loan can have severe consequences for borrowers, affecting their credit scores, financial stability, and legal standing. Can you give examples of some common consequences ?
Defaulting on a loan can have severe consequences for borrowers, affecting their credit scores, financial stability, and legal standing. Can you give examples of some common consequences ?
Read lessThe 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 lessAs someone in debt, what are some aggressive measures one can take to get out of debt and become debt free again, what are some strategies to use?
As someone in debt, what are some aggressive measures one can take to get out of debt and become debt free again, what are some strategies to use?
Read lessActually 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 lessDebt can hinder you from taking chances or risks that’ll help you make money, because you’ll have to repay it back and at the end of the day you’ll end up with not much of an income, what’s the best ...Read more
Debt can hinder you from taking chances or risks that’ll help you make money, because you’ll have to repay it back and at the end of the day you’ll end up with not much of an income, what’s the best way to avoid debt as an employee?
Read lessWays to avoid debits as employee, including; *Increase Your Income: Look for opportunities to increase your income through side hustles, freelancing, or career advancement. *Automate Savings: Set up automatic transfers from your paycheck to your savings account to ensure you consistently save moneyRead more
Ways to avoid debits as employee, including;
*Increase Your Income: Look for opportunities to increase your income through side hustles, freelancing, or career advancement.
*Automate Savings: Set up automatic transfers from your paycheck to your savings account to ensure you consistently save money before you have a chance to spend it.
*Plan for Retirement: Contribute to retirement accounts such as a 401(k) or IRA to secure your financial future. Start early and take advantage of employer matching contributions if available.
By implementing these strategies and staying proactive about your finances, you can minimize the risk of accumulating debt and achieve greater financial stability as an employee.
What are the pros and cons of various debt repayment strategies, such as the debt snowball method versus the debt avalanche method? How can someone determine which approach is best suited to their situation?
What are the pros and cons of various debt repayment strategies, such as the debt snowball method versus the debt avalanche method? How can someone determine which approach is best suited to their situation?
Read lessThe 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 lessAs a retired person with a debt, what’s the best way to get out of debt and repay back all the loans, are there any tips? Start a business to repay or repay before starting one?
As a retired person with a debt, what’s the best way to get out of debt and repay back all the loans, are there any tips? Start a business to repay or repay before starting one?
Read lessThere 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 can individuals analyze readiness for taking on debt? What should they look into before borrowing? Why income stability and existing debt burden matters while getting a loan?
How can individuals analyze readiness for taking on debt? What should they look into before borrowing? Why income stability and existing debt burden matters while getting a loan?
Read lessResponsible borrowing means borrowing money wisely and ethically, considering factors such as your ability to repay, the terms of the loan, and its impact on your financial well-being. It means borrowing only what you need, understanding the terms and conditions of the loan, and making timely repaymRead more
Responsible borrowing means borrowing money wisely and ethically, considering factors such as your ability to repay, the terms of the loan, and its impact on your financial well-being. It means borrowing only what you need, understanding the terms and conditions of the loan, and making timely repayments to avoid financial strain.
Responsible borrowing is about making informed decisions that support your financial goals and well-being both now and in the future.
Negotiating favorable loan terms can significantly impact on your interest rate and repayment terms. What are the strategies and tactics borrowers can use to engage in constructive negotiations with lenders
Negotiating favorable loan terms can significantly impact on your interest rate and repayment terms. What are the strategies and tactics borrowers can use to engage in constructive negotiations with lenders
Read lessNegotiating 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 lessIt is a common thing to get into debt especially when planning to get Married and this may result in collecting some money from friends or getting a loan but to avoid being in debt during marriage it is important ...Read more
It is a common thing to get into debt especially when planning to get Married and this may result in collecting some money from friends or getting a loan but to avoid being in debt during marriage it is important to sew our dress according to our body by reducing expenses and not live an extravercant life style
Read lessI 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.
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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.
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