265 E 100 S, STE 200, Salt Lake City, UT, 84111
Email Us Anytimeinfo@stevedown.com


Are you a movie fan?

Watching movies with family and friends can be really fun until when you have to take a phone call or answer the doorbell. The best utility ever made since the invention of motion pictures comes to play here (pun intended); the REWIND button.

Knowing that you can catch up on what you missed gives you relief. It lets you handle your interruption without worrying about trying to figure out what happened, who went where, or the new character introduced into the plot.
Similar to a movie, our Financial lives can be a ride in the park when you have a good job and a good income until there is a debt break! When debt becomes unsustainable, you realize that you need to ‘catch up with your financial stability and lifestyle.

Banks often check your income and creditworthiness as a standard procedure before loaning you. This ensures that your monthly repayment does not exceed a certain percentage and that debtors can clear their debt. Due diligence is required before taking a loan since bank policies differ and the percentage of your income repayable to clear loans is adjusted to your disclosed income. This is what forms your Debt to Income Ratio. The interest rate on the amount repayable can be uniform on loans offered to their clients, but there’s the regulation on the range of interest chargeable.

Lilly, who is a beneficiary of the Financially Fit program, shared how debt caused her to play catch up in her financial life.

Lilly is one of the people who is struggling with catching up with their financial lives. So many people have gotten into debt to purchase gadgets, investments and even take advantage of sales and discount seasons.

Evaluate risks before taking debt. See what a debt might cost you in the long run. For some, it has cost them investment opportunities. Financial institutions limit access to certain financial services to debtors who default on their payments.

Bad debts have led to personal properties being repossessed or auctioned as compensation. Family relationships sometimes go sour and divorces can occur because of not being able to catch up. Businesses have collapsed from ballooning debt.

Debts have a way of freezing time. By the time you decide to stop catching up with debt, you are already in a debt trap. This is why debt seems like slavery; the endless toil to pay what you owe when you don’t have enough to spend on yourself.

When you decide to borrow money,

  1. Have a clear purpose to allocate the money to.
  2. Draft a clear plan on how you can manage the debt
  3. In your plan, identify the ways of repayment.
  4. Develop a wealth mindset. This will change the money habits that lead you into catching up with debt.

Catching up with debt is surviving and not living. This is why our Financially Fit For Life online program covers wealth principles to transform your financial life into a life free of debt. Stay financially fit.

Do you want to know the different types of debts and how to manage debt?

Follow Financially Fit Africa to get updates. or visit www.financiallyfit.com

Leave a comment

© 2017 Steve Down Companies | SteveDown.com | All rights reserved.
Minimum 4 characters