Mika
VIP Contributor
Here are some rules to reduce your debt.
Rule no. 1: Make a lot of money.
If your earnings are really high, you do not have to borrow money and you will never incur debt. People go into debt because they do not have enough money to manage their finances.
Rule no. 2: Never borrow for non essential things
People get into debt because they borrow money and use it on things that do not give them returns. For instance, they get a loan to buy a car, or buy expensive devices.
Rule no. 3: Do not borrow more than you can afford to pay.
Rule no. 1: Make a lot of money.
If your earnings are really high, you do not have to borrow money and you will never incur debt. People go into debt because they do not have enough money to manage their finances.
Rule no. 2: Never borrow for non essential things
People get into debt because they borrow money and use it on things that do not give them returns. For instance, they get a loan to buy a car, or buy expensive devices.
Rule no. 3: Do not borrow more than you can afford to pay.
