Too much month left at the end of your money? Watch this clip for helpful tips to cut your debt:
1) Admit it
Admitting that you have a debt problem is the hardest part. Be honest with yourself and don't be afraid to share it with a friend or debt counsellor.
2) Calculate it
Calculate your exact debt by listing all your debt obligations alongside their respective interest rates.
3) Budget it
Draw up a realistic budget plan with all your income and expenses and consult it regularly.
4) Prioritise
Settle your debt obligations by paying off your debt with the highest interest rates first. This way you will save in the longer run.
5) Don't make more debt
Lastly, refrain from falling further into debt by thinking twice before making any large purchases.
* Do you have any debt questions? Send them to us and we will ask our panel of experts.
More:
- 5 tips for saving
- 5 tips for investing