There are some things you should not do when you are in debt.
5 things you should not do when you're in debt
Are you in debt and want to get rid of it as soon as possible? Take advantage of these five tips.
When you are in debt, it is expected of you to focus your attention on paying off the debt to stabilize your personal finance.
And if you are really bent on settling your debt, there are certain habits you need to avoid as these habits can compound your debt.
1. Don't skip saving
You may think it is difficult to save when you are in debt, but see, you really don't need to ignore saving at this time. The money you save while in debt will prevent you from compounding your debt when an unexpected expense like house repair or medical bill happen.
2. Don't rule out a part-time work
You might have thought it stressful to juggle to work and make more money. Hello! if you are in debt and you have an opportunity of a side hustle, don't ignore or reject it, please.
Forget the stress, give it a try, it will help you settle your debt faster and you'll also have more saving.
ALSO READ: 5 reasons you are always broke before payday
3. Don't spend frivolously
There is no time to be more frugal with spending than when you are in debt.
You need to be careful with how you spend as any amount of Naira you spend on things you don't need could have reduced your debt.
4. Don't ignore your credit card bills
You have a credit card bills to settle and you think now that you are in debt is the right time to ignore it? You are mistaken.
It will be understandable if ignoring it will make the debt go away, but if not, don't.
5. Don't do impulse buying
Impulse buying will not do you any good as a debtor. It'll only keep you in more debt.
Before letting your impulse determines your purchases, you may need to wait a little bit, think about that item before buying it. Thinking about it could remove the initial emotional reasons that stirred the buying decision.
How to make money online. Sponsored content
JOIN OUR PULSE COMMUNITY!
Eyewitness? Submit your stories now via social or: