MANAGING DEBT

Duration 3mins 20 secs

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PRESENTER
Stands and glance away
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Cut away shot legs Female exercising
After the birth of our son, I admired how my wife worked hard to lose weight and returned to
her regular size. She planned her meals, exercised, and ate few calories.
Stares to the camera
There, I learnt to achieve your weight loss goal; consuming few calories than you burn daily is
helpful but eating much calories as you burn off daily, won’t change your current weight.
Display Debt management
The same principle applies to getting out of debts or debt management. How you decide to
handle your debts may have a major effect to your payments over the long term.
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Goes to sit
We have experienced debt
Credit card debit, borrowed money, Owe the storekeeper
There is a tendency we have experienced debt at a point in our lives whether as credit card
debit, mortgage, borrowed money or you bought something and owe the store keeper at your
street.
Not all debts are equal
Although all debts need to be repaid not all debts are equal.
Good Debt
Assist you build wealth
A good debt is capable to assist you build wealth over time, invest in an asset, property or
shares. It’s like owing to get credit alerts
Bad Debt
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Scratching head worried
While a bad debt is when you borrow money to pay for purchasing consumable items, catch
cruise and betting without any interest.
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In any case, a debt you cannot control can cause you issues. So, what will be your next move?
If you need to escape debt, it is important to ensure that your payments outweigh your debts.
Here are some valuable tips to assist you with managing your debts:
Understand your circumstance and make a move:

Be mindful of your circumstance and make a significant move to address it.

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Planning and analyzing

Analyze what you earn, owe, and spend. Have an arrangement and organize your installment
plans on how to pay.

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Increase Income Get a part-time job; turn your passion to profit or look at what assets you have
that you can sell.

Decrease Costs and Expenses: Huge costs cuts down your month-to-month spending plan, yet
minor ones can add up as well.

Make a spending plan that outlines your: incomes, essential expenses groceries, bills and non-
essential expenses such as Cable TV, eating out.

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Subject browse online market

This helps you recognize where there’s space to spare money for debts and you can also
look out for discounts online.

Renegotiate bank credit terms This option helps you to spread over a more drawn-out term as
to how much goes to your account monthly for spending, saving or paying debts.
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Subject hesitant on call

Explaining to creditors

Discuss more good payment terms If you approach your creditors before they begin pursuing
you for missed payments, they are bound to pay attention to you and agree to your terms.

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Explain the situation and make it clear you have a comprehensive plan for resolving it.

I know debts can be stressful but it can be managed. Lastly never pay debt with incurring debt,
Borrowing N55000 in a month but your salary is N40000, can cause you wahala.