We are living in a credit economy where access to credit is readily available.

If we use any form of credit to pay for something that we want to purchase, we must be aware that the amount of funds that we will use  would now become a form of a debt.

​This means that we have the obligation to pay back the owed amount. ​

The most ideal concept in dealing with debt is to settle it immediately, if at all possible. ​

The very basic goal is debt repayment.

​We must learn to settle the balance in full and in time.

​But, what option do you have when it is not possible to fully pay your current loan, as you have other financial obligations to attend to?

​In such case, you can pay a portion of the loan.
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Try to pay more than the minimum amount you are required to pay and arrange the payment several days ahead of the due date. 

This is to ensure that your payment would get through the deadline and that you will avoid paying even higher interest rates and penalty charges. ​

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Now, you have to consider and assess your debt situation.

Are you paying high interest rates when you use your credit card?

Would it be possible to opt into a lower rate credit card or line of credit?

​How long would it take for you to fully settle your debt?

​Getting into debt is a serious matter.

​There is a legal obligation that comes with it.

​You are making a promise with your lender or creditor that you will adhere to your commitment.

Sometimes, we do not realize that we are inviting trouble into our life when we do not understand the responsibility that comes with getting into debt and the inability to manage debt conscientiously.

It is when we do not recognize these things about debt that we should even think twice before getting into it.