PERSONAL FINANCING

Managing Your Debt

During the holiday and festive season some of us run out of cash and revert to our credit card/s to purchase dinners or last minute gifts. Usually these are spontaneous purchases, which tend to cost more than we originally bargained for. Credit card debt is one of the most common forms of debt in the world and is growing at a rapid rate in Asia.

Most credit cards offer a 30 day interest free period, which is usually enough time to clear any debts incurred. But what if you used your card to pay for your overseas holiday, presents, celebration and perhaps a new wardrobe? Can you afford to clear your debt within the specified 30 days or will you have to pay it off over time in which means you will incur interest? In Asia where credit card interest can amount to 25%, this is an exorbitant cost.

Now is a good time to start taking control of your debts. Read Full Article