Mika
VIP Contributor
A lot of people still borrow even when already have outstanding debt. This can be one of the biggest financial mistake you will be making in your life. When dealing with debt, the primary focus should be on repaying existing debt and avoiding additional debt. Paying your debt regularly, paying your necessary bills regularly, cutting unnecessary spending to save enough money to repay your debts will prevent you from getting into additional debt. Timely payment of interest is crucial to avoid fines or penalties. If you are paying late fees frequently, debt management will be very ineffective. Never get into additional debt for financial stability.