How to repay debt

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Most of us want to save more, but simply don’t have any extra in the monthly budget. However, if you get rid of debt, you can save more (and sleep better). Here is a clear, simple strategy to repay your debt so that you can increase your savings, without evicting your family.

Debt and financial wellness

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Debt can help you reach your financial goals, or cut you off at the knees. There’s good debt and bad debt: good debt helps you to buy or earn assets. Bad debt is used to pay for your lifestyle. But sometimes, even short-term debt is a necessary evil.

Debt: Your DIY repayment plan

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Do you want to pay off all your debts in a year? There’s more room to renegotiate your debt repayments than you might think. Here’s how you put together a realistic, clearly-formulated debt repayment that accommodates your personal situation.

Debt: Why debt costs money

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Sometimes debt is our only hope in a difficult situation, but a small loan can very quickly turn into an unmanageable debt. This is how it happens …

Debt: Avoidance fees

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It’s normal to feel overwhelmed and afraid when your debt has been handed over. However, avoiding a debt collector will add to the fees. By engaging with the collection agency you can negotiate payment plans, and you could even get a discount on your debt.

Debt: My rights

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Paying back debt is always painful, but knowing your rights when dealing with creditors and debt collectors might provide an opportunity to work out a manageable payment plan. You should also be aware of the pro’s and cons of debt counselling.