When things get tough, as they are right now, it’s tempting to use debt to pay off debt — in other words, a credit card to pay for a store card, a bank overdraft to pay the home loan or maybe even a new unsecured loan to pay off that credit card. This sends you deeper into debt as you kick the can down the road.
But here’s the thing: whoever has loaned you the money in the first place wants, and needs, you to be in a solid financial position. Your current lenders do not want your debt situation to spiral out of control. Now let’s be clear, this is not because they are caring, altruistic institutions. The reality is that bad debts cost lenders money. They have to employ staff to call you, repeatedly, trying to get you to make, and ultimately keep, promises about repayments.
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SimonPB As a mother of two kids I have battled alot with my financial state to the point of begging from friends just to survive,until I started Bitcoin trading with the help of Allison_Grillo I made a successful withdrawal of R 200,000 with the help of Allison_Grillo.
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SIMON BROWN: Don’t get sucked into a debt dark holeUsing new debt to pay off old debt is a sure-fire ticket to a personal finance implosion, writes SimonPB.
Source: FinancialMail - 🏆 20. / 63 Read more »
SIMON BROWN: Don’t get sucked into a debt dark holeUsing new debt to pay off old debt is a sure-fire ticket to a personal finance implosion, writes SimonPB.
Source: FinancialMail - 🏆 20. / 63 Read more »