Making a plan to manage your payments and balances is crucial. Take a look at these tips and discover some small steps you can take today to make debt management easier.
1. Make your repayment full and on time each month
Late repayments make it harder to pay off your debt since you’ll have to pay late payment interest. Miss two payments in a row and your interest rate and finance charges will increase.
If you use a calendaring system on your computer or smartphone, enter your payments there and set an alert to remind you several days before your payment is due. If you miss a payment, don’t wait until the next due date to send your payment, by then it could be impacted to your credit history. Instead, send your payment as soon as you remember to.
The best practice of FULL AND ON -TIME monthly repayment will prevent you from bad credit history and gain trust from financial firms in the future.
In case due date for repayment falls on Public holiday/saturday/ Sunday, you are strongly recommended to make it payable on 2 - 3 days earlier to due date.
2. Create a monthly repayment calendar.
Use a bill payment calendar to help you figure out which bills to pay with which paycheck. On your calendar, write each bill’s payment amount next to the due date. Then, fill in the date of each paycheck. If you get paid on the same days every month, like the 1st, 5th, and 10th, you can use the same calendar from month to month.
It’s also important to remind yourself to make sure you are aware of the monthly due-date 2 working days ahead. Repayment should be made at the earliest. Early payment can improve your credit.
There are various flexible repayment channel for you to experience:
o Automatic debit repayment
o Online payment via bank transaction
o Payment at ATM
o Cash deposit at post office, banks, Payoo, MoMo
o Smart card such as Banknet/Smartlink