Debts are probably the tightest positions some of us have managed to fit ourselves in. And no matter how hard we try, we just cannot dig ourselves out. Luckily, Danielle HoLung, a financial adviser at Sagicor Group Jamaica Limited, is in our corner. She knows how to navigate us to financial freedom.
Financial ignorance is the chief reason which HoLung believes drives people into debt.
Oftentimes, we may think that the decisions we’re making are the best, but that’s just in the moment. Then boom! In just a matter of days, weeks, or worse, months, the dues start to pile up uncontrollably. Now, how do we settle the score?
“The problem is that a lot of people aren’t educated about finances. Let’s be real, schools don’t teach us about all the financially-related things we need to know about the world. So, when experiencing all of life’s events first hand, many people go into situations without any knowledge of them,” the adviser told Flair.
Google has an answer for everything, including how to get out of debt faster. For instance, stashing our credit card in the freezer, staying clear of our expensive habits and finding a side hustle. Have you tried any? HoLung asserts that, yes, some do. Still, she professes that getting financial education is the best way out of any money owed now and in the future.
Maybe you’ve had enough and are ready to take the price tag off your obligations. Have you decided to pay a lump sum towards your credit and your monthly expenses unaccounted for? STOP! That’s a red flag. That’s the most common and perilous mistake people make when in debt, according to HoLung.
Instead, she recommends a payment plan. The expert thinks this is the most appropriate approach to get ahead and back on top of your finances.
As financing mentors abound, she said, you need to seek their counsel now. Plus, you need to do some research to get a better understanding of what is available to help you. You don’t have to be loyal to your banking institution.
“Trust me. It’s OK to break up the commitment and see what other banks have in store to eliminate some of your financial issues,” she said.
And to prevent recurring debts, start saving and/or venture into the exciting world of investments.
To rap with HoLung about your financial options, contact her at 876-853-8307.
Story by Rocheda Bartley