Bogged Down By Loans
May 19, 2007 – 1:58 amSeeing my friends with multiple loans scares me. I mean, we are still young, we should be enjoying life and not slog at work and dare not explore new opportunities for fear that we cannot meet our debts at the end of the month.
Among all my friends, each of us has at least one car, credit card or homeowner loan. The ones that are really tight financially are the ones with multiple loans. There are times when we talk about nothing but how hard times are! I blame this on the ease in applying for loans. Financial institutions do not check our credit score properly. With only ONE pay check, how can anyone possibly juggle more than one loan?
Luckily, some of my friends opted for debt consolidation. This way, they can combine their debt and only make a single repayment at the end of the month. By doing so, they can manage their debt better, interest rate is lower and their credit score will rise too. A debt is not accumulated overnight and repayment cannot be settled overnight too. Debt consolidation is the answer to getting out of debt in the long term.
Hello and welcome to my blog. I would love to receive your comments! If you wish to be updated on new content, do subscribe to my RSS feed on your feed reader or via email. Thanks for visiting!
Related 'MUST READ' posts:
