6 KEY STEPS TO PAYING OFF DEBTS ON TIME

Taking proactive measures to manage credit card debt and personal loans is crucial to avoid penalties, interest accrual, and safeguard your credit score.

Here are some steps to pay off debts on time

Distinguish Wants from Needs

Differentiate between essential needs and discretionary wants to make informed spending decisions.

Monthly Planning for Budgeting

Create a monthly plan outlining necessary expenses, ensuring financial alignment and tracking of expenditures.

Maintain a Strong Credit Score

Maintain a Strong Credit Score Understand the importance of a good credit score for financial credibility, emphasizing the impact on loans, job opportunities, and major purchases.

Practice Frugal Spending

Adopt prudent spending habits by researching purchases, seeking discounts, and bargaining for better deals to accumulate long-term savings.

Establish a Lifestyle Bucket for Savings

Set aside a portion of income monthly for lifestyle expenses, preventing unnecessary debt and promoting financial discipline.

Avoid Accumulating Debt

Prioritize wealth creation by steering clear of debt, recognizing the potential long-term financial burden associated with high- interest loans.