Featured Post

Time Value of Money: How to Determine the Value of Money with Respect to Time

Money received today is more valuable than the same amount of money a year from now. It is essential to understand the relation between mone...

3 Debt Payment Strategies To Help You Get Out of Debt

After the events of the 2020 pandemic, people are starting to feel the effects of the lockdown on their finances. Unsettled debts have doubled compared to pre-pandemic numbers. People have a hard time settling their debts due to loss of income during the lockdown or the loss of their work. If you are having trouble paying your debts, I have compiled three debt payment strategies to help you get out of debt.

Calculating debt

Avoid Credit Card Debt at All Cost

The pandemic has brought the world into financial distress. Several are experiencing mounting debts, which have been steadily rising since the quarantine started last year. People have lost their jobs and cannot settle their obligations due to unemployment and the unavailability of funds caused by the lockdown. Outstanding debts before the pandemic have ballooned due to interests and charges from their lenders. 

Credit card debt

Credit card debts are one of the debts that many people are having problems with right now. This type of debt typically charges exorbitant fees compared to secured loans due to the nature of the obligations being risky. I used to believe that credit cards are great financial tools as long as you promptly pay the entire outstanding balance before the due date. Credit cards offer deferred payments, rebates, rewards, low-interest unsecured cash loans, and installment payments.