You can change your financial future by getting rid of your debt by budgeting and saving.
How to get rid of your debt is a question consumers ask regularly as most of them are severely indebted and would like to escape the debt trap. Middle income consumers spend on average 30% of their income on unsecured credit and 35% on secured credit, with little left over for the rest of the month.
If you will battle to make all your payments, speak to your lenders and restructure your loan repayments. Once you default on a payment, it affects your credit score negatively and will hurt your chances of getting credit in the future. As you pay off one debt or credit arrangement, divert the money you were already used to paying to top up your next repayment, which means you will significantly reduce your term and interest.
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