Dealing with debt

Borrowing money is a fact of life for most people and whether it is a loan from a family member or a home mortgage, the principles of staying in control are the same. Here are 6 tips to keep you in control:

1. Consolidate multiple loans into one loan and aim for a lower borrowing cost. This will also create a focus on repaying the loan faster.
2. Don’t accept offers to increase your credit card limit without first working out whether you can afford more debt.
3. Think about increasing your repayments. This will drive down debt.
4. If you get a windfall, paying off your loan is usually a very competitive financial option.
5. Do a budget and understand your cash flow. You might find more effective ways of living the lifestyle you want and being successful repaying debt.
6. Keep it up. Once you have repaid your loan obtain advice on where to save your new found cash flow. Q Invest can provide advice in a service that matches your lifestyle.
Staying in control of your finances and discovering your financial potential is all about knowing where the money goes. The fundamental rule of “spend less than you earn” is the basis of personal financial success.

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