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    Monday, 28 May 2018

    5 Things You Should Not Do When You're In Debt

    Photo - MoneyCrashers

    THERE are some things you should not do when you are in debt.
    When you are in debt, it is expected of you to focus your attention on paying off the debt to stabilize your personal finance.

    And if you are really bent on settling your debt, there are certain habits you need to avoid as these habits can compound your debt.
     
    1. Don't skip saving

    You may think it is difficult to save when you are in debt, but see, you really don't need to ignore saving at this time. The money you save while in debt will prevent you from compounding your debt when an unexpected expense like house repair or medical bill happen.

    2. Don't rule out a part-time work

    You might have thought it stressful to juggle to work and make more money. Hello! if you are in debt and you have an opportunity of a side hustle, don't ignore or reject it, please.

    Forget the stress, give it a try, it will help you settle your debt faster and you'll also have more saving.

    READ ALSO: 5 Ways To Get Your Financial Goals Back On Track

    3. Don't spend frivolously

    There is no time to be more frugal with spending than when you are in debt.

    You need to be careful with how you spend as any amount of Naira you spend on things you don't need could have reduced your debt.

    4. Don't ignore your credit card bills

    You have a credit card bills to settle and you think now that you are in debt is the right time to ignore it? You are mistaken.

    It will be understandable if ignoring it will make the debt go away, but if not, don't.

    5. Don't do impulse buying 
    Impulse buying will not do you any good as a debtor. It'll only keep you in more debt.

    Before letting your impulse determines your purchases, you may need to wait a little bit, think about that item before buying it. Thinking about it could remove the initial emotional reasons that stirred the buying decision. (PulseNg)

     
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