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Debt Discussions about debt and how to deal with debt.

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  #16  
Old 11-17-2014, 12:21 PM
jeffnev jeffnev is offline
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Default Re: Financial planning - debt management

Debt certainly does need to be managed productively as otherwise it can easily spiral and be incredibly damaging to your credit score, history and therefore future lifestyle.

Credit cards and overdrafts are fine and safe to use providing you have the income to pay them back, if not in their entirety each time, at least over 75%. This is a very strict way to keep on top of debts but stops it escalating and becoming uncontrollable.

Budgeting monthly, or even weekly is an effective way of keeping on top of payments and transactions. Just by keeping an eye on them you will consciously consider where your money is going. Regular payments into overdraft and credit facilitiies are necessary every month, even if it is not enough to clear the debts, it will keep you aware of them at least.
Hope this helps

Jeff
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  #17  
Old 02-14-2015, 03:51 PM
newone newone is offline
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Default Re: Financial planning - debt management

Personally, I find that one of the effective ways to manage debt is to consider extra income sources.
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  #18  
Old 06-23-2015, 09:11 AM
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Richard Johnson Richard Johnson is offline
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Default Re: Financial planning - debt management

Everyone with even a little bit of debt has to manage their debt. If you just have a little debt, you have to keep up your payments and make sure it doesn’t get out of control. On the other hand, when you have too much debt, you have to put more effort into paying off your debt while juggling payments on the debts you’re not paying right now.
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  #19  
Old 12-13-2015, 06:44 AM
fhaloanboise fhaloanboise is offline
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Default Re: Financial planning - debt management

Quote:
Originally Posted by AlbertDisuza View Post
Yes you are right. In my opinion real estate is one of the most profitable investments that one can make because the prices are increasing at very high rate. The property which is suppose of 10 lakhs today would be a minimum of 22 lakhs in the next five years. But the prices also depend on the location and distance from the essential amenities.
Exactly...investment in a property is a good idea and much profitable also.
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  #20  
Old 04-14-2016, 12:03 AM
micvanlen micvanlen is offline
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Default Re: Financial planning - debt management

There's one simple rule when it comes to debt. Never spend more than you make. The second all your bills and discretionary spend exceeds your income, then you're screwed. This is obviously easier said than done, but the key is to have almost perfect visibility into your spending. Then create a budget that's LESS than you make and STICK TO IT. That's really all there is to it.
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  #21  
Old 05-27-2016, 07:48 AM
ygrey ygrey is offline
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Default Re: Financial planning - debt management

The most important thing to remember while in debt is to avoid using a credit card. That will only add on to the debt. If you pay it all back on time, it will help you to improve your credit score.
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  #22  
Old 06-30-2016, 04:07 PM
AgentProv AgentProv is offline
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Default Re: Financial planning - debt management

Even if a person doesn't have a debt today, it is still best that he/she finds time to learn more about financial planning.
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  #23  
Old 07-06-2016, 03:50 AM
NancyM NancyM is offline
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Default Re: Financial planning - debt management

Quote:
Originally Posted by AlbertDisuza View Post
Yes you are right. In my opinion real estate is one of the most profitable investments that one can make because the prices are increasing at very high rate. The property which is suppose of 10 lakhs today would be a minimum of 22 lakhs in the next five years. But the prices also depend on the location and distance from the essential amenities.
and also it is more reliable investment in long term
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  #24  
Old 10-29-2016, 10:27 PM
mmrseobd mmrseobd is offline
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Default Re: Financial planning - debt management

I think these information would be good enough for financial planning.
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  #25  
Old 11-11-2016, 01:00 AM
Paul@GFS Paul@GFS is offline
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Default Re: Financial planning - debt management

Quote:
But the prices also depend on the location and distance from the essential amenities.

Prices certainly depend on these factors. Your neighborhood tends to gain more prominence as it develops with time. A few new business establishments can swing the wheel in about a year or so. Growth in IT infrastructure and other facilities can shape the future of your neighborhood in real quick time.
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  #26  
Old 12-14-2016, 07:54 AM
Paul@GFS Paul@GFS is offline
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Default Re: Financial planning - debt management

Quote:
see if you can change the payments to suit your income structure. People tend to fall behind on payments due to lack of financial discipline towards the end of the month.
Scheduling paymentsis of great importance for those who wish to improve their financial situation.You can't stick to your payment schedule when you fail to stick to your budget.That's why you must identify your mandatory expenses and cut down your unnecessary ones.It will help you save a small amount that you can use towards other things that prove to necessary.
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