Effective Living Series: 6 practical ways to get out of debt

Effective Living Series: 6 practical ways to get out of debt

In this edition Citi FM and Citi TV Effective Living Series, Family Finance Consultant, Charles Mensah, urges Ghanaians not to get into too much debt.

According to him, it is unfortunate that people are in debt in the economic situation that the country is facing.

He advised Ghanaians not to keep appearing to please others by buying and doing ‘unnecessary’ things that eventually lead to financial problems.

Mr. Mensah further advised Ghanaians to spend according to their income and not be pressured by the lifestyle of their friends, colleagues and family.

In an interview with Bernard Avle, on Citi TV and Citi FM on the topic, “Practical ways to get out of debt”, the Family Finance Consultant explained some important practical ways to get out of debt.

List the names of your creditors: Try to relax and use a red pen to list all the debts and know the amount.

Check the loan repayment tenor: Check from your creditor’s list of repayment schedule plans. Cross check to see if you pay weekly, quarterly, monthly or yearly to avoid failure.

Repayment schedule: It gives a certain amount that is necessary to generate in the net of current expenses [Things you consume every now and then]. Your income cannot cover your expenses, let alone pay off your debt or repay your principal. Don’t try to just pay the creditor who gives you pressure and ignore the one who doesn’t give you pressure.

Call / Approach your lender: Make an effort to promptly call your creditors and explain your situation so that they can bear it while you make a plan to pay it off.

Multiple streams of income: Participate in various projects that will earn you money to pay off your debts. You need to admit that you are broken, and that you are in crisis instead of covering up when in fact you are suffering.

Pay off debt: Weigh your expenses against your income, and find another source of income by selling things you bought last year that you don’t need. Sell ​​those things to pay off your debt. Assets such as plots of land can be sold to pay off your debt. You can later buy these assets when you bounce back.

Put in the cost cutting measures – Change the children’s school, and let them order porridge instead of the usual cornflakes. Pack your car and combine it with a commercial vehicle. You can make a lot of savings in these areas to pay off your debt. Sell ​​your products online to earn money.

Watch the full interview below:

https://www.youtube.com/watch?v=/bDQAjvWMOEE

The post Effective Living Series: 6 practical ways to get out of debt appeared first on Citinewsroom – Comprehensive News in Ghana.

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