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Debt Management

 




Debt servicing can get out of hand and very stressful.

When you didn’t plan your debt repayment strategy; interest rate and the repayment amount and period can be more traumatizing than natural disasters about to hit the island. When you take the decision to apply for any debt, never throw a blind eye on the interest rate and the repayment details. These details should be taken in to consideration when planning out how you would repay and your monthly budget. Yes monthly budget. but that another blog series.

Applying for a debt, get all the important information first and sit and incorporate it into your budget and then develop how can you repay this debt comfortable. Yes, the financial institution would have done they ratios and other calculation. But you need to sit and work out a plan to make sure you have that debt in order through the repayment period.

Once you have come up with a plan, you can know approach the financial institution with confidence i.e. knowing your amount and the repayment period. You probably wondering why I mention budget. One of the major things to consider when planning you process is your cashflow for the loan period.

Planning your debt is like ‘having your cake and eat it too.’ 

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