Majority of us have debts which range in various degree, size and complexity. The most important thing about debt is how it is managed and the effect it has on our general wellbeing. This short article is about the most effective and affordable way to manage your debt and thereby being debt free in no time.
REVIEW YOUR DEBT
The starting point is to have a comprehensive review of your total debt in a simple format that provide an overview of all your creditors and the amounts you owe. The total amount of debt and interest paid on each of the debts is very important to place priority to the sequence and affordable amount to payable. The best option is to have a debt payment plan bases on affordability and priority with categories such as non-negotiable, large amount, high interest, negotiable, small amount, low interest etc.
REVIEW YOUR INCOME AND EXPENDITURE
It is very important to review your income and expenditure with the aim of increasing your disposable income. There are several ways of doing that which will be a topic on its own. Our focus here is to maximise income and minimise expenditures as much as possible to have the much needed disposable income to manage debt effectively.
TALK TO YOUR CREDITOR
Always let your creditor know as soon as possible if you are struggling or aware of a situation that will affect you making payment. Using your payment plan call all your creditors to negotiate an affordable amount and frequency of payment you can maintain. Most creditors will work with you to set an affordable minimum payment plan as long as possible.
REGULAR REVIEW OF PAYMENT PLAN
Once you have been able to set affordable payment plan with all your creditors, it is even more important to maintain and review your payment plan regularly to aim at making affordable adjustment where necessary to clear off your debt as soon as possible. Also don’t forget to seek financial help and advice either free or paid.
Please commend and let me know if you need further advice on the above, Property investment, Energy and more
Dennis Bebo MSC, BSC, DEA, CeMAP
As a Nigerian residing in the UK over 10 years, born, grew up and had my university education in Nigeria plus have economic and working experience and knowledge in both Nigeria and the UK believe strongly that the economic situation in Nigeria is a paradox created by a systematic success in the act of supporting or benefiting from a failed system directly or indirectly. I will try and use this short article to highlight 3 major Nigeria Economic Paradox that is of common and general knowledge which must be address to achieve sustainable economic development in Nigeria.
- Self allocation, review and audit of salary, allowance and pension
It is beyond comprehension why the Nigeria system of government in every level allows or gives those in leadership position the power to self allocate, review and audit their salary, allowance and pension with no independent accountability procedures or measures. This has resulted in local, state and federal politicians, legislators and executives to systematically in every opportunity self allocate, review and audit their salary, allowance and pension upwardly, falsely and unjustifiably. The result is a paradox of government where the civil service which is the functional aspect of government that suppose to manage and account for public service and public funds has been deliberately made dysfunctional by elected government leaders for selfish interest. The economy as a result is greatly affected negatively.
2. Conflict of interest in contract allocation, project funding, job recruitment
It has become common and acceptable for both appointed and elected government leaders to give contract, fund projects or give jobs to themselves, their family members, friends and business partners with little or no concern for competency and accountability. The result is inefficiency, looting and embezzlement of public funds which impacts on the economy negatively.
3. Lack of supply in the midst of abundance
With the abundance of oil and gas, river, land and people in Nigeria; the lack of petroleum products, electricity, cooking gas, drinking water, food products and employment is one of the most unexplainable paradox in Nigeria. There is abundance raw material, resources and people for Nigeria to be one of the most successful, self sufficient and sustainable economy in the world but yet is among the poorest nations in the world.
The solution of the 3 major paradox highlighted above is a collective responsibility of the leaders and citizens of Nigeria to use all legitimate resources and powers to promote, support and establish a system that works for all not the elite few that has successfully made a once great economy giant of African and a world potential great nation to its worst economic state ever.
Written By Dennis Bebo; Environmental and Energy consultant – DenEco Services TA www.DenEco.co.uk