Financial experts say that this system helps you feel a sense of progress.
A CreditHela loan that ranges between Sh1,500 and Sh80,000 or any other loan, when put into good use, can be a very useful tool of self-progression.
However, taking too many loans so fast can toss you into an endless cycle of debts that can be difficult to break from. This is a situation where you find yourself having to borrow from Jack to pay John. Consequently, you end up with multiple loans to a point where you feel overwhelmed and stressed.
But how do you progress because eventually you have to settle all your loans if you have to maintain your CreditHela credit score? Well, it is all about making a plan on how to repay those loans.
Below is a proven 5-step technique that financial experts recommend to anyone in such situation.
Step 1: List all Your Loans
List out all your loans from the smallest to largest.
Step 2: Make a Calendar
On the calendar, write when each loan payment is due.
Step 3: Begin Repaying Loans With Growing Fees
Start by paying off any loan that has a growing fees to avoid further debt.
CreditHela M-Pesa Paybill Number: 7186653
Step 4: Prioritize Loans With the Soonest due Date
Repay loans with the soonest due date to avoid late fees. If you cannot pay off the loan in full, make a partial payment to reduce late fees.
Step 5: Next Due Loan
Pay off the next due loan, and then the following until you are done. Tackling one loan at a time is easier than trying to pay off everything all at once.
To conclude, financial experts say that this system helps you feel a sense of progress because small accomplishments help keep you motivated and in the right mindset to solve the next challenge.