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According to our statistics, an average Singaporean has $5,132 in credit card debt, $125,193 in personal loans, $43,817 in motor vehicle loans, and a mortgage of $354,976 in 2017. Most people would endeavour to repay their debt because of the understanding that a loan is not free money.
If you find yourself in debt, make a resolution to pay off your credit card debt first and get on the road to financial freedom. Though the road may seem long, paying off debt will strengthen your financial future. Here are a few reasons why.
If you have not reviewed your credit report and credit score recently, you may be surprised by what you would find. Late payments, missed payments and outstanding balances are some of the factors that impact your credit score.
If you’re trying to get your credit score back on track to qualify for a mortgage loan, paying off your debt as quickly as possible can jump-start your plans and significantly raise your credit score. This will increase your chances of approval for all types of loans and credit decisions.
Unmanageable debt brings stress that can manifest physically in the form of migraines, obesity, and accelerated ageing.
Paying off your debt as quickly as possible can eliminate the worries and harmful side effects of stress. The achievement has shown to restore self-esteem and instil a sense of resolve that will help one stay financially healthy.
For many who managed to pay off their debts, staying out of debt could be the new struggle. Instead of spending $500 on non-essential items, consider saving it for the future.
There is so much to gain if you are willing to face your debt head-on and invest in yourself. Paying off your debt is so much more than just money – it’s about responsibility and being in control.