Live Updates: COVID-19 Cases
  • World 20,238,926
    World
    Confirmed: 20,238,926
    Active: 6,400,398
    Recovered: 13,100,628
    Death: 737,900
  • USA 5,251,416
    USA
    Confirmed: 5,251,416
    Active: 2,369,346
    Recovered: 2,715,878
    Death: 166,192
  • Brazil 3,057,470
    Brazil
    Confirmed: 3,057,470
    Active: 791,801
    Recovered: 2,163,812
    Death: 101,857
  • India 2,267,153
    India
    Confirmed: 2,267,153
    Active: 640,160
    Recovered: 1,581,640
    Death: 45,353
  • Russia 892,654
    Russia
    Confirmed: 892,654
    Active: 180,972
    Recovered: 696,681
    Death: 15,001
  • South Africa 563,598
    South Africa
    Confirmed: 563,598
    Active: 135,777
    Recovered: 417,200
    Death: 10,621
  • Mexico 480,278
    Mexico
    Confirmed: 480,278
    Active: 105,515
    Recovered: 322,465
    Death: 52,298
  • Peru 478,024
    Peru
    Confirmed: 478,024
    Active: 132,932
    Recovered: 324,020
    Death: 21,072
  • Chile 375,044
    Chile
    Confirmed: 375,044
    Active: 17,563
    Recovered: 347,342
    Death: 10,139
  • Spain 370,060
    Spain
    Confirmed: 370,060
    Active: 341,484
    Recovered: ?
    Death: 28,576
  • Iran 328,844
    Iran
    Confirmed: 328,844
    Active: 23,586
    Recovered: 286,642
    Death: 18,616
  • UK 311,641
    UK
    Confirmed: 311,641
    Active: 265,115
    Recovered: ?
    Death: 46,526
  • Saudi Arabia 289,947
    Saudi Arabia
    Confirmed: 289,947
    Active: 33,270
    Recovered: 253,478
    Death: 3,199
  • Pakistan 284,660
    Pakistan
    Confirmed: 284,660
    Active: 17,799
    Recovered: 260,764
    Death: 6,097
  • Bangladesh 260,507
    Bangladesh
    Confirmed: 260,507
    Active: 106,632
    Recovered: 150,437
    Death: 3,438
  • Italy 250,825
    Italy
    Confirmed: 250,825
    Active: 13,368
    Recovered: 202,248
    Death: 35,209
  • Turkey 241,997
    Turkey
    Confirmed: 241,997
    Active: 11,169
    Recovered: 224,970
    Death: 5,858
  • Germany 218,500
    Germany
    Confirmed: 218,500
    Active: 11,335
    Recovered: 197,900
    Death: 9,265
  • France 202,775
    France
    Confirmed: 202,775
    Active: 89,599
    Recovered: 82,836
    Death: 30,340
  • Canada 120,132
    Canada
    Confirmed: 120,132
    Active: 4,790
    Recovered: 106,355
    Death: 8,987
  • China 84,668
    China
    Confirmed: 84,668
    Active: 802
    Recovered: 79,232
    Death: 4,634
  • Netherlands 59,194
    Netherlands
    Confirmed: 59,194
    Active: 53,037
    Recovered: ?
    Death: 6,157
  • Australia 21,407
    Australia
    Confirmed: 21,407
    Active: 8,959
    Recovered: 12,134
    Death: 314
  • S. Korea 14,626
    S. Korea
    Confirmed: 14,626
    Active: 663
    Recovered: 13,658
    Death: 305
  • New Zealand 1,569
    New Zealand
    Confirmed: 1,569
    Active: 21
    Recovered: 1,526
    Death: 22

4 Helpful things you need to know about paying off debt before the term

Author at TechGenyz Contributor
paying your debts on time

Many people fail to pay their debts on time because they lack the motivation or the money to do so. But this need not be the case because paying your debts on time comes with plenty of benefits. It helps you to lead a debt-free life and plan your investments. This article looks at some of the things you need to know about when you pay off your debt before the expiry time.

1. It helps you lead a stress-free life during bad times

Good economic times are always followed by hard times. So, when your cash inflow is good, plan to pay off most of your debts. It cushions you from the adverse effects of hard economic times. Finally, when hard times set in, you will not struggle to pay off the debt. You may use a debt payoff calculator to help you decide the amount of money to pay during good times. The sooner you get rid of the debt the better you become.

2. Helps you save money

Debts that are not paid on time, attract more interest. It means that you will fork over more money to your debtors if you don’t pay their money on time. So the best way to avoid the high interest rates is to pay your debts on time. According to studies, a person pays more than $279,002 in interest during his lifetime. So paying your debts before time is one of the strategies to help you avoid the high interest.

3. Increases your financial security

One of the threats to a person’s financial security is the level of debts he has. Debts will make it difficult for you to save and make investment decisions. It also makes financier decide how you will manage your finances. Failing to pay your debt when it is due makes it difficult for you to access finances when you need them. A bad credit score reduces your chances of working towards becoming financially secure. For instance, if your debt payment record is bad, you will not be able to secure loans for investment.

4. It frees your finances

Paying your debts on time frees you from financial chains. It allows you to spend your money on things you enjoy doing. If you pay debts on time, you will not be embroiled in the debt cycle. Such cycles can deny you a chance to spend your money on things you like most. Also, paying your debts on time reduces the stress associated with debt payments. There are no phones to answer and excuses to give. When your debt is in arrears, your head will always think about the excuses to give. When the debts persist, they lead to health issues like heart attack and migraines. Thus, paying off your debts on time is a step towards saving your life.

Although paying your debt in time requires that you make sacrifices, it is the best thing to do in your life. It frees your resources and allows you to plan how well to use your finances. When you are debt free, it is easier to take a vacation and visit many parts of the world.

Career

Subscribe