SIMON BROWN: Don’t get sucked into a debt dark hole

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Using new debt to pay off old debt is a sure-fire ticket to a personal finance implosion, writes SimonPB.

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 Being the head of the home isn't easy, you are expected to provide for the home, I lost my job during the pandemic and relied on the little money I had,things were hard until I met Allison_Grillo and started Bitcoin trading, I earned R150,000 in 3 weeks thanks Allison_Grillo.

SimonPB I was scammed through Bitcoin couple of months ago, I started hating Bitcoin until I was introduced to Allison_Grillo, and I gave Bitcoin trading another try, I successfully withdrew $35,000 after two weeks of trading, am so grateful Allison_Grillo thank you.

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