Friday 19 January 2018

The majority of people will encounter periods in their lives where they have to really tackle debt

The majority of people will encounter periods in their lives where they have to really tackle debt

In fact, debt is part of modern life and having the knowledge and tools to tackle it should be part of every household's arsenal for keeping their finances on track.

Unfortunately, there are no longer quick-fix solutions, like debt consolidation options where credit card debt and personal loans could be rolled up into one simple repayment (which could cost much more over the long term if they are long-term financing options as opposed to short-term options).

Families today must be much smarter with their money. They must understand how finance works, including the true cost of credit and taking the time to know their rights and their obligations.

Visibility, control, setting a personal financial plan and then sticking with it, really does matter.

● Frank Conway is the founder of the Irish Financial Review and MoneyWhizz.org, the financial education resources for both adults and students. Read more at www.irishfinancialreview.com

Irish Independent

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