Minimize debt and manage credit wisely
Reduce high-interest debt and use credit responsibly to maintain a healthy credit score. Good credit management can open up opportunities for better financial products and lower interest rates.
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Similar ideas to Minimize debt and manage credit wisely
2. Debt Awareness:
Interest Rates: Comprehend how interest affects loans and credit cards
Credit Score: Learn how financial behaviour impacts your credit history
Avoiding Debt: Practice responsible spending to avoid unnecessary debt.
Credit Card Debt
The trickiest form of debt, which is literally bleeding our finances, is the credit card debt. Make sure you know what the interest rate being charged is. Know that a 2% interest rate per month is actually 24% per annum.
If you stay out of debt by paying the total due on t...
Disadvantages of Personal Loans
As good as it sounds, personal loans have its own disadvantages such as:
- Some personal loans have higher interest rates because since it doesn't require collateral and are unsecured, the risk of not paying the lender back is high; and
- It can a...
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