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Here are some tips on how to manage your debts better.
Step 1.
Know your debts.
Write down everything you owe to know how to settle them.
Snowball method:
Focus on paying down the account with the smallest balance first while making minimum payments on other debts.
Step 2. Prioritise and pay.
Rank your debts based on amount or interest rate. Then manage them.
Higher interest rate method:
Focus on debt with highest interest rate first. Once done, work on the next highest interest rate while making minimum payment on other debt.
Step 3. Manage your debt & know your credit score.
Make debt management as part of your financial plan. Set up regular auto-payments so you don’t miss a repayment date. Paying late affects credit score and may get you a penalty. Get the annual credit score report and be up to date.
Managing financials is planning & organising expenses, debts & savings. Create a better financial management habit
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