Spend Wisely

My parents always told me not to spend more than you earn. Although this advice seems simple enough to understand, yet somehow this is easier to say than do. With the “help” of credit card, it’s very easy to overspend your money. It is very easy to buy things with credit card regardless whether we really can afford them or not. In the end of the month, when the bill arrived we realized that we don’t have enough money in the bank to cover all those bills.

I have only a couple of credit cards and I hardly used it. My husband, on the other hand, has several and his bills sometimes frighten me. Although we always try to pay off all the debt, but sometimes we didn’t have enough cash to pay and we have to rollover the balance to next month. How about if next month we still don’t have enough money to pay? Then then suddenly we found ourself out of job, with credit card debt and mortgage as high as our neck. Very scary isn’t it?

If you are having too much debt, and trying to avoid bankruptcy you could apply for IVA or Individual Voluntary Arrangement. If your ClearDebt IVA application is approved, up to 70% of all your debts could be written off. You would pay no interest and you could be debt free in 5 years or less.