Savings, Thrift & Investment | |
Savings, Thrift & Investment | |
3775 VIEWS | |
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Tuesday, May 28, 2019 9:00AM / Sponsored Post / Boost Credit / Header Image Credit: MyBankTracker
It is now common for
people to have more than one credit card. This can overwhelm you especially if
they all have high interest rates. Most people feel like their income is at
stake after repaying all their credit card loans. Financial experts in quickly
developing countries in Africa and Asia have been trying to analyze the effects
of having more than one active credit card and the financial implications it
has on the people. They have also developed various solutions for this with the
major one being the consolidation of credit card debt. If you are from any
African or Asian country or any other part of the world, here are the best tips
for carrying out the consolidation.
Getting a loan is easy nowadays. In fact, most African banks have an active loan department to help their citizens with development. As developing nations, the financial sector is pushing banks and other lending institutions to offer personal loans with better interest rates and in an easy way.
If you receive this,
you can repay all your credit card debts and only have one loan to repay.
However, you will need a higher credit score to secure a substantial loan
amount as advised by the Boostcredit101
experts. The benefits to enjoy here include low interest rates and a
better repayment plan.
Another excellent way to consolidate your credit card is to clear the debt with your savings. The standard of living in Africa and other developing countries in the world is relatively low, and saving is easy if you have a stable and consistent income. You can start a saving plan through one of the many options.
One such move is by
opening a savings account for some time. Notably, there are many savings mobile
apps now that mobile money has penetrated African nations in a successful way.
Once the credit card loans are paid, you will then start saving all over again
for other projects. The beauty of using this option is that you will eliminate
the burden of interest and strenuous repayment plans especially if you had more
than one credit card account.
If the interest rates
for the credit card accounts that you are holding are high, you can borrow
money from family and friends and consolidate these loans into one
interest-free loan. Young people from Africa can easily approach their parents
or older siblings who have secured well-paying jobs or are in businesses to get
a loan. Financial aid from family and relatives has no interest at most times.
They will also not penalize you in case the money is not repaid on time. Unlike
with banks and other credit card institutions, you will have an easy time
repaying your loans.
It is obvious that you
will eventually pay to the last dime if you have credit cards. But as you can
see, there are various ways of consolidating them if you are from Africa or
other developing countries. Follow these tips for the best results.
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