I have mentioned in one of my more previous entries that this is the best time to take steps toward debt management, if you still have some left carried over from 2008. Being able to free yourself from any outstanding loans will more than just relieve you. It will also be a good training towards discipline. Living within your means is easier said than done. What with all the advertisements enticing you of your need for things to survive!
Truth to tell, a lot of people have gotten deep into this issue because of either payday loans or credit card debts. Ideally loans should be availed only in case of emergency and credit cards should be for those who are responsible enough to pay the monthly installment that was availed in zero interest purchase. It can also prove to be convenient way to shop – minus having to bring cash with you. But this will only work if you consider paying it off right away the minute you get the chance to.
The privilege of getting a loan and being able to use credit cards always come with responsibility otherwise you might just find yourself in neck deep debt with crazy interest that you end up paying instead of the principal amount.
This is the best time to rethink the way we handle our finances.
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