#WHICH BILLS TO PAY OFF FIRST FULL#
If you have trouble paying the full amount, pay it off in parts.Pay off the full amount with the highest interest rate.Order your outstanding loans by interest rates.Pay off the debt with the highest interest first – If you have credit card debt, other unsecured loans or instalment plans, follow these steps to pay them off as quickly as possible.Check if there are penalty charges or if you need to give your bank advance notice. It will help you pay off your debt sooner. Pay more if you can – Increase your regular repayments or make lump sum payments when you have money to spare.If you have difficulty making the repayments, talk to your bank. Pay on time – Make your repayments on time to avoid interest and late charges.It is easier to keep track of repayments when you have fewer credit facilities. Review your debts– Avoid having many sources of credit.Tip: Use the Budget Calculator to help you along. Cut out indulgences like eating out or going to the movies if you have trouble paying your bills. Draw up a budget – List out your monthly income and family expenses, and see what expenses you can trim to repay your debts faster.If you're having problems with your cash flow, you can take steps to better manage your debt: Don't shop on impulse compare prices before buying.Save up for big ticket items instead of buying on instalment.Avoid credit card fees and charges by paying your bills in full before the due date.Use GIRO to automatically pay your bills, so you don't forget to make payments.
Pay off high-interest loans and credit facilities first.
Here are some ways you can tweak your habits to avoid or reduce debt. This is important as a good credit repayment history makes it easier for you to obtain credit and qualify for loans when you really need it. Good money habits can help you avoid falling into the debt trap. The weight of debt can add emotional, relational and financial stress to our lives.