Eliminate Debt

How to Repair & Improve Your Credit Score

My credit history sucks.

This is the first time in my adult life that I've been debt free but I learned the hard way that being debt free doesn't lead to a good credit score.

Unfortunately for me, I learned this as I was in the process of buying my apartment, which added another 6 months to the entire process because I had to take time out to improve my credit report and credit score.

How to Change Your Spending Habits

A recent study looked at the way that judges grant parole to prisoners and the factors impacting these decisions.

What the study found was that when faced with prisoners doing time for the same crime judges were more likely to rule in favour of parole in the morning.

In the morning judges ruled in favor of parole 70% of the time, but as the day wore on, the favourable ruling dropped to zero.

Should You Pay Back Debt Or Focus On Saving?

I’ll be making my last ever student loan payment in a few hours.

It’s been one of the hardest decisions I’ve had to make – focus on saving or paying off debt? I started off doing a bit of both but in the last few months, I changed my strategy and focused on paying off all debts and have used almost all my savings to do this.

Why?

Because my student loans are in US Dollars and I earn in South African Rands and in the last 9 months, the rand has depreciated significantly against the Dollar, making my debts even more expensive.

The Difference Between Good Debt & Bad Debt

I was recently asked by a journalist if there was such as a thing as good debt?

I asked my financial advisor, Chenine Gouws, what she thought below is the response she sent to me by email (Or just scroll down to watch my video response):

 

Good debt is debt that'll result in a growth in value or will generate long-term income

How to Pay Off Your Debt Quickly

How to quickly pay off your debt

In the last 4 years I've paid off 2 student loans (undergrad and an extra loan for grad school), 3 credit cards and several loans from friends and family.

In total, I’ve paid off USD60,000 (R600,000) and in this vlog I'll be sharing how I did it and will also be teaching how to create a step by step debt repayment plan or debt elimination strategy.

 

Click on the video below to learn more

 

Do you have a debt elimination plan?

What would you do if you were debt free?

Let's talk in the comments section below.