• Debt

    Debt Management Mistakes

    Mistakes People Make

    When you’re burdened with multiple debts, it’s easy to lose track and end up not paying on time, thereby attracting late payment fees and perhaps even eventual debt recovery process. You might not only miss out on interest free periods, but also end up paying hundreds of dollars a month for late fees.

    Another mistake people make is that they make only the minimum payment to cover the interest amount without thinking about ways to clear off the principal.

    People try to avoid banks, especially if they are sure they won’t be able to meet a repayment schedule – that’s unfortunate because communicating with the bank might actually help you to defer payments or save you from late fee charges.

    When people opt for consolidation, they may forget to close their high risk personal loans which would still attract charges even if they’ve moved it to … Read the rest