Consumerism Upsurge
Now a days getting a Credit Card, or a Personal loan is more easy and quicker than getting our passports renewed.
Every day and hour we are bombarded with various attractive offers via email, sms and via social networks for credit cards, attractive deals on various websites and promotions at Shopping malls etc..
Even banks are arranging good deals on Holidays, Electronics, Airfare, SPA treatments, and are even providing interest free installments, encouraging us to spend more on our credit cards.
The Debt Trap
Many residents are unable to resist the temptation and end up buying things they don't and can't afford.
Slowly but surely they get addicted and become compulsive shoppers. They keep spending time and money on the good deals, ignoring increasing expenses and mounting debt.
At some point in time, their credit credit cards are max out and they find themselves in a debt trap as many can only afford to make the minimum payment due on their cards.
Even if they miss one payment, they are penalized with late payment and over-limit fees, making it more difficult to clear the outstanding.
How to Get Out Of Debt?
The following are some simple steps to escape from the Debt trap, and work towards a Debt Free Life...
Financial Planning and Investments
As Qualified & Independent Financial Advisor, I can be your financial coach;
- Helping you set aggressive saving goals in line with your income and lifestyle
- Setting up an action plan for achieving them
- Investing your savings for capital accumulation while beating inflation, currency and market risks
- Identifying and investing the accumulated capital in income yielding assets.