Sunday, February 5, 2017

Traveling with debt is not a farfetched dream anymore

Some of us love travelling so much that we don’t let anything stop us. Jet lags are no big deal at all. We can travel across half the world for a perfect sunset. It is debt lag that usually throws us off course. Returning home from a foreign land with an album-full of memories is quite wonderful until you are greeted a couple of days later with a bag-full of overdue bills.
Debt has this wonderful quality of snowballing. You can always roll it around. The more you leave it unattended, the bigger it grows till your finances come crashing down like one ginormous avalanche.
If you love traveling as much as we do, we are sure you have faced this at least once in your lifetime. Just to make sure you never have to go through it again, here’s a brief from debt settlement reviews on how to travel while juggling multiple debts:
  1. Try to pay off your credit card bills/debts faster: this is easier said than done. And before you come at us with all guns blazing, let us remind you that it is possible that you are paying more than you owe. You should consolidate all your credit card payments and consult a financial expert to see if you are paying a fair amount. In dire situations, you can even opt for a consolidated (unsecured) loan, to pay off your credit cards at once and then pay off the consolidated loan in one easy instalment.
  2. Where are your savings?
If you are one of the urban poor millennial, we completely understand your pain and lack of savings. However, savings need not always be cold hard cash lying in a savings account. In any case, if you have none, you can try to take help from easy web finance apps to track your spending habits and save a bit every month.
  1. Prioritizing your payments: if you have multiple credit cards, it is imperative that you prioritize. You need to pay off the one with the highest interest rate first. At the same time, you need to pay the minimum possible amount on the other cards.
  2. Try not to add “late penalties” to your payments: this is quite easy if you make a budget for the month. You can use e-wallet services and expense trackers to help you formulate a practical budget for the month. This will help you save and at the same time pay off debts and bills on time.
  3. Bargaining is okay: we don’t suggest this all the time, but if you are facing a severe financial crunch, it is okay to talk to your lender(s). This is usually better when the lender is a family member or has flexible payment parameters. Instead of bailing out on your payments, make sure you talk to your lenders about your financial situation and get an extension for your payment.
Staying debt-free is a dream most of us are still yet to realize. So before you step into another massive debt, make sure you can clear all the current ones. If necessary, consult professionals although it might seem like an additional expense.


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