Household Debt is alive and well……

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In the third quarter of 2024, consumer debt applications surged to a record high of 18.1 million, a 3% increase from the previous quarter, according to the National Credit Regulator. This trend underscores the financial pressures many consumers face, often leading them to seek credit to manage rising expenses. To avoid falling into the debt trap, a practical approach is essential.

1. Rank Your Debts by Interest Rate

Start by listing all debts and ranking them from highest to lowest interest rates. This typically includes:

– Credit cards (often with the highest rates)

– Personal loans

– Car loans

– Student loans

– Mortgages (usually the lowest)

2. Targeting Strategies

– High-Interest Debts (e.g., Credit Cards): Focus on paying these off first. Consider the avalanche method, where you direct any extra funds toward the highest interest debt while maintaining minimum payments on others. This saves money on interest over time.

– Medium-Interest Debts (e.g., Personal Loans): Once high-interest debts are managed, allocate extra payments to these loans. Refinancing might be an option if lower rates are available.

– Low-Interest Debts (e.g., Mortgages): While these are generally manageable, continue making regular payments. Consider making extra payments to reduce the principal, which can lead to interest savings over time.

3. Build an Emergency Fund

Simultaneously, work on building an emergency fund to avoid future reliance on credit. Aim for three to six months’ worth of expenses.

4. Educate Yourself

Enhance your financial literacy by utiliisng resources such as budgeting apps, financial workshops, or online courses. Understanding personal finance can empower you to make informed decisions.

By implementing these strategies, consumers can effectively manage and reduce their debt, fostering a healthier financial future.

33 thoughts on “Household Debt is alive and well……”

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