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Debt itself is not a bad thing if you can borrow carefully as part of a bigger plan. But many people tend to get into debt without thinking about its dangers and pitfalls. Very quickly we are overwhelmed by our debt and end up in a cycle of buying on credit and using most of our salaries just to repay interest and debt. But how do we solve this? It's in the Secret of the Rhino.
What's in it for you?
The Secret of the Rhino teaches you to face your debt head-on. It tells you to charge down your biggest threat to financial stability – debt. Learn from the rhino – charge down your debt as fast as you can! If you feel overwhelmed because you have a lot of debt, charge down the biggest threat first – usually the one with the highest interest.
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Get out of debt - step by step
STEP 1: Face the problem: Know how much you owe.
STEP 2: Share your problem: Who can support you while you charge down your debt?
STEP 3: Adjust your budget: Revise your budget, so you reduce your spending on just a few items each month.
STEP 4: Create strategies to deal with your debt: You have to work out which debt poses the biggest threat.
STEP 5: No new debt: While you are charging down your debt, learn how to stop yourself from incurring any new debts.
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What can we learn from the Rhino?
Here's what we learn from the Rhino about debt.
Do it yourself
If your debt is under 35%, you could try and get out of debt without needing external help. But, you need to be disciplined.
Get some help
Take up a new loan and use this money to repay all your creditors if your ratio is over 35%.
Let someone else help
If debt repayments are taking up more than 40% of your income and you cannot obtain debt consolidation, you might need to consider starting a debt review process.
Let's talk
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