How to get out of debt – The Standard
1. Pay off debts with high interest rates first
In this era where so many apps offer instant loans, you are likely to have several loans with several financial institutions. These usually come with different interest rates. If you are in this situation, start by paying off the ones with the highest interest rates. This is to avoid those high interests accumulating and making your debt burden even heavier.
2. Consolidate small loans
Work out how much you are getting as monthly income, do a budget, then decide if it is proper to take one major loan to repay off all the loans you have so that you can only service one. You also need to review how you would repay this second loan. If this is a good option, do not take on any more debt. Wit…
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