Most individuals have debts which have not been cleared as yet as we are about to start a new year, and this article will be focusing on tips which everyone can use to ensure that their credit scores improve this year. Credit scores decrease as a result of bad decisions which individuals make in regards to money, and since Covid-19 began the economy is bad and it might take longer than individuals had anticipated to cover their basic family necessities and debts. From rising interest rates to inflation pressures to new IRS rules, here’s an overview of what we can expect-and how to make the most of our money.
Tip 1- Make pay down a priority by knocking down balances, because interest rates have increased (which makes borrowing money expensive).
Tip 2- Learn to save money for a certain period if you want to buy something to avoid taking on more credit which could result any individual drowning in debt (e.g 3-12 months)
Tip 3- Ensure that your tax has been paid up and ensure that you have a retirement plan with any bank which you might use to pay off all the debts at the same time.
Tip 4- When eyeing a new house get a real estate agent to explain the process of purchasing the house and ensure that you have the full amount to make a deposit for the house once your application is approved.
Tip 5- Make money on the side if you have a 9-5 job which can be saved in another savings account for rainy days.
…And for those who can afford to pay more than their monthly installments it is advisable for them to do so to finish paying off their debts a bit earlier.
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