When entering in debt, you are making a commitment to repay the loaned amount, over a certain period of time, with the addition of interest. It is critical that debt payments are affordable, on time and that they will not significantly impact your lifestyle.
Through the links below you can find some articles that go in more detail on how you can manage your debt.
By virtue of the amendment to Article 381 of the Code of Organisation and Civil Procedure, Cap.12. of the Laws of Malta, a garnishee order cannot be issued on: benefits pensions allowances aid as referred to in the Social Security Act (Cap.381.), nor on private pension other pensions benefits allowances issued by the Government (local…
“Why can’t I save money?” is probably one of the most asked questions to date. What is holding you back? Let’s break it down, shall we? Reason #1 You do not live on a budget. Without tracking where your money is going, you will end up dry by the end of the month with no…
Good money management requires an ability to plan ahead. Your spending is affordable as long as the stream of future incomes allows you to repay the debt which is incurred. Taking a loan makes sense when one is purchasing an asset whose useful life extends over a number of years. In this manner even the…
This is one of the videos ĠEMMA has produced with the Central Bank of Malta in our budgeting series. Let me introduce the ĠEMMA family. I am Tony. I am Maria’s husband. I work as a manager in large business in the services industry. My wife, Maria is 40 years old and works in my…
This is one of the videos we have produced with the Central Bank of Malta in our budgeting series. Watch the Central Bank of Malta and ĠEMMA Video on ‘Managing your debt’ below or follow this link to watch it on YouTube. View this ĠEMMA video by clicking on the above and learn more about…
Strictly speaking, you need to do both. However, you must keep in mind the interest rates related to your debts and that you would be better off with just options to choose from for your investment other than trying to save with pending significant cash flow drains. The most common debts are home loan, credit…
The first step is to check how much debt you have, and what sort it is. The high-interest debt costing you the most is the priority, not the no- or low-interest stuff. Loans that don’t charge high interest or fees are okay for now you should consider as a lower priority. It is s the…
The following are ĠEMMA tips directed to help you to get your debt under control. 01. Get a clear understanding of what monies you owe. This is the first step – taking stock. Put together a clear picture of your debts as well as (a) the minimum monthly repayment obligations. Include credit cards, loan repayments,…
Unless you manage your credit card debt well you are likely to pay far more than you should on the debt your incurred through credit card use. Here are some ĠEMMA tips which we suggest you follow. Often people have more than one debt on several credit cards. If this is your case, pay the…
To be financially healthy it is very important that you keep your debts to a level that you can afford. Life, unfortunately, is not a straight line. There will be moments when your financials are suffering – and you must make sure that when these moments occur you can manage your debts. To…
Can anything be done to get out of debt? The answer is yes. Here are some clever tactics to help you … List all of your debts, enter the balance that is still pending, enter the annual interest rate, and enter the required monthly payment for each debt. Repayments need to be greater or equal…
The consequences of you not paying off some debts before other debts can be serious. If you are struggling to make your repayments on time, you need to look at all your debts and split them as follows: Debt emergencies. Priority debts. Non-priority debts. What distinguishes a debt from a priority debt? Priority debts are…
Reducing Your Credit Card Debt Credit cards usually have high interest rates. There are several ways you can reduce the cost of your credit card. First and foremost use debit cards since debit cards draw money directly from your checking account when you make the purchase. Pay More than the Minimum Repayment Paying the minimum…
You are allowed to pay for credit-card purchases in two ways: full payment within a grace period of about a month, for which there is no interest fee or extended payments over a number of months, for which there are interest fees and charges. In many cases there is also an annual fee charged for…
Losing your job is stressful and places a strain on your personal finances. Even if you have received compensation from a redundancy payment, losing your job can impact your ability to keep up with your financial obligations. Having a plan in place will make a difference on your financial and emotional well-being. The very first…
Loans are an effective financial tool that helps you achieve your goals. Nevertheless, loans must be used wisely. If you are thinking about borrowing money, consider your options carefully. Types of loans There are two type of loans. The first type is a Secured Loan. A secured loan is when you offer a security in…
Debit cards Debit cards offer the convenience of a credit but work in a different way. Debit cards draw money directly from your checking account when you make the purchase. They do this by placing a hold on the amount of the purchase. Then the merchant sends in the transaction to their bank and it…
