WHAT IS THE DEBT SNOWBALL STRATEGY? Popularized by personal finance author Dave Ramsey, Debt Snowball is a strategy used for paying down debts. It focuses on paying off your smallest balance first before moving to the larger ones. The person lists down all his or her debts and categorizes these debts from smallest to largest.
Personal debt among young Singaporeans have been rising during the COVID-19 pandemic and the situation could turn sour once the interest rates start to rise. Recent Credit Bureau Singapore data showed that people in their twenties have been taking on increasing amounts of other debt since the second quarter of 2020. The data manifested that
Do you know that the average household debt in Singapore is about S$55,000 per capita? With a value that high, there’s no doubt that it’s about time to learn how to manage your debt and minimise it as much as you can. Financial freedom is within reach if you’re able to settle your debt in
Getting your first credit card is often a liberating experience for many. The idea of having that financial freedom in your wallet and being able to buy almost anything on credit is exciting but sometimes dangerous. Without financial discipline and careful planning, debt can rack up fast. One missed payment can turn into two, and
Are you drowning in yesteryear’s debt? You are probably pessimistic about your financial future. Eventually, all these bills may push you to your boiling point. When this happens, a fresh start is essential. Start by being aware of the reasons why your pile of debt exists. Then, do the necessary actions to eliminate it. YOU
