Cover All Your Bases with Health Insurance

With Insurance.co.za you will be able to find health insurance that suits your needs.

Health insurance covers any extra costs that may arise from hospitalisation. With health insurance, you will be paid a lump sum or a daily cash amount if you are in hospital for more than 72 hours. The cash that you receive can be used the way you want to, whether you need to pay for medication, making your home suitable for rehabilitation purposes or even a holiday.

health insurance

Please keep in mind that health insurance is not a medical aid scheme and should not be treated as such. Health insurance catches any shortfalls by paying out cash.

Insurance.co.za offers an obligation free service and will source you health insurance quotes that you can compare, so you get the best available deal.

Life can be unpredictable and if an unexpected circumstance comes your way, you can count on health insurance to catch you when you need it most.

Strategies to Beat High Interest Rate Debt

If you are sitting with a large balance on a credit card that has a high interest rate then you might be feeling frustrated as your monthly repayment is being used to pay the interest rather than the balance, which means your debt will only be reduced by a small amount each month. Paying off your high interest rate debts first will save you money in the long run, but this might not be the best method to undertake due to your finances.

credit card debt

Here are some top strategies that you can implement to help pay off your high interest rate debt.

Need a Lower Interest Rate – Just Ask

It is a good idea to speak to your creditors and ask them if they would be willing to lower your interest rates. If you have always paid on time or have only missed a payment or two then you might find that they will do this.

If other credit card companies have offered you lower interest rates then you can use this in your negotiations for a lower rate with your credit card company.

Make the Transfer to a Low Interest Rate Credit Card

You may only need a few months that are interest free to pay off your balance. You will find balance transfer cards that offer promotional periods where they do not charge interest. This could give you the break you need to pay off your balance without having to worry about the interest. Just make sure that you pay the balance before the interest kicks in.

If you are not able to move your entire balance to a single credit card then just move a portion as this will lighten the load and you can focus on paying this off before the interest is charged.

Take on Your Small Debts

If you are not in a position to first get rid of your high interest debts then you may want to consider tackling your smaller debts first. This will help you to free up some extra money that you can then use to pay down your high interest rate debts. You should create a list of your debts and determine which ones you can pay now and which ones will need to wait.

Once you have cleared a smaller debt, that money you were putting towards it should go straight to paying another credit card balance.

Wait…there are more strategies you can try…keep reading…

Pay The Most You Can

Due to most of your monthly payment going towards interest, you will need to pay more towards your payments in order for you to make any kind of progress in paying off your high interest debts. You may find it best to pay the minimum on all your other debts and any extra money that you have can go towards paying a single high interest rate debt.

Once one debt has been paid off you can start to work on your next highest interest rate debt and so on until you have cleared all of your debts.

Reduce Your Expenses

You will need to look at how you can squeeze your budget so that you have more to put towards your credit card debt. You can cut back on eating out, cut back on coffee, disconnect your cable, reduce your cell phone plan and so on. Making these cutbacks are only temporary and every little bit that you save to put towards your credit card debt will help your progress.

Debt free

You Might Need to Wait

Your debt free goal might be unachievable right now if you are not able to make any budget cuts or create more income, but that just means you will need to delay your debt free goal.

You will still need to make the minimum payments on your credit card balances so that you can avoid going further into debt and damaging your credit. Of course, these minimum payments will mainly go towards the interest, but you still need to make them.

After a few months, you can re-evaluate your budget and expenses and see if you are able to start making a dent in your debt.

Get Credit Counselling

You can seek the help of a credit counsellor or a debt counsellor that will be able to create a debt management plan for you.

These counsellors will review your finances and will help you to create and implement a plan with the aim of you becoming debt free.

A debt consolidation loan is another option that you may have, but it’s not for everyone. This is where your debts are all housed under one loan, which means you will only have one repayment each month. This monthly repayment is usually lower and the interest rates are more manageable.

If you have high interest debt then you do need to tackle it whether, you pay smaller debts first or take on your largest and highest interest rate debt first. You need to look at how you are able to save money so you have extra to put towards your debt and determine the best strategy for you and your finances.