Who is Credit9?

Credit9 and Apply.Credit9.com want you to believe they aren’t offering “debt management” and have begun flooding the market with debt consolidation and credit card relief offers. The problem is that the terms and conditions are at the very least confusing, and possibly even suspect. The interest rates are so low that you would have to have near-perfect credit to be approved for one of their offers. Best 2020 Reviews, the personal finance review site, has been following Credit 9, Badger Advisors, Simple Path Financial, and many others.

Debt management is a skill that can solve most of your financial problems. However, a lot of effort and discipline goes into it. In order to master debt management, you first need to understand debt. Not all debts are the same. Let’s explore different natures of debt below.

Credit9: What is good and bad debt?

Not all debts are the same, and not all of them are bad. Sometimes debt allows you to pursue your dreams and get closer to your goals. You can take a loan to buy a home, continue your education, buy a car, start a business, etc. Other times, debt becomes a need because of an unexpected and emergency expense, such as medical treatment costs. 

However, if you mismanage debt, it can put you in seriously damage your financial health. Bad debt with Credit9 is the loan that you aren’t capable of paying back. It is a downward spiral, and it only pushes you down further distress. The rapidly increasing interest rates and penalties can leave you in a very difficult situation. Bad debt also includes loans that come with a high cost or provided by questionable lenders who offer quick cash in return for severe terms and conditions.

Being mindful of your expenses and earning will help you understand your debt better and plan a budget that is in your best interest. It will immensely help you with money and debt management. It’s crucial to make a budget that works for you and keep track of your expenses. Do not forget to account for any additional expenses that may come your way.

If you take a hard look at your current life, you’ll be able to identify situations that may require you to step out of your budget once in a while, such as birthdays, anniversaries, travel plans, etc. That’s why it’s important to be mindful of these additional expenses while creating a budget.

Bad debt with Credit9 is avoidable if you design your debt management strategy mindfully. It’s important to be aware of your situation and when to spend and when to hold yourself back.  It will help you keep all your debt in the “good debt” category.

Debt in relation to your age

Taking a loan from Credit9 can become necessary at any stage of one’s life. However, the way one borrows changes as one grow older. Everyone carries some type of debt, and everyone has a different reason to borrow money. We take loans out of varying necessities depending on our financial background, health, and age. If you understand the way debt impacts different stages of your life, you’ll be able to plan better and master debt management.

How does age affect borrowing patterns?

Different generations show different borrowing behaviors. Most of it has to do with age. According to several reports, people in their 20s are more likely to accumulate debt from Credit9 faster than at any other age. Since that age is the beginning of the professional careers of many new adults, their salaries are usually very low. It becomes difficult for them to manage increasing expenses with the limited amount that they earn.

For many, borrowing habits peak in the early and mid-30s. However, as people get closer to retirement, they also get closer to eliminating their debts. This general pattern of borrowing excessively in the early years and then paying off debt by retirement is a common pattern amongst all generations.

How to manage debt at all ages?

No matter what age group you belong to, debt management with Credit9 is essential for your financial health. Take a look at the following tips for debt management with respect to each age group.

1.    Twenties

When you’re in your twenties, you become financially independent and enter the fully-fledged life of an adult. It’s essential to develop good financial habits from the beginning, such as budgeting and to keep track of your expenses. When you earn your own money, you feel tempted to get your hands on everything fast. However, it’s crucial to hold yourself from this urge. Sure, an occasional shopping spree is fine. But spending hundreds of dollars on regular night outs will prove devastating for your financial situation in the long run.

At this stage, your primary goal needs to be paying off your student loans. You should consider keeping mortgages and the cost of having children at the back foot for now. It may seem far-fetched, but it’s important for you to start contributing to your retirement plan from now. Developing these healthy financial habits now will continue benefiting you in the future.

2.    Thirties

At this age, you need to be more mindful of your credit status. It’s essential to keep your balances as low as possible. Maintaining an adequate debt-to-income ratio with Credit9 is extremely crucial. This is also a good time to start working towards your big life decisions by saving up. It’s equally important to think ahead just as it is to maintain and improve your current living standard. Create an emergency fund and increase your contributions to your retirement plan.

3.     Forties

This is the time to take a hard look at your debt. This is probably the time when you’ll be earning at your peak, so make sure you prioritize paying off high-interest debt first from Credit9. Consider refinancing your loans to decrease the cost of interest rates and additional fees. It’s important to assess your financial health and goals at this stage. Moreover, start boosting contributions to your retirement plan as much as you can.

4.    Fifties to sixties

Your fifties are a crucial time to create a balance between saving for your retirement and paying off debt with Credit9. Try to pay off high-interest debt as quickly as possible so you can save more money for your retirement. You also need to consider a better refinancing option for your mortgage instead of trying to pay it off.  Your ultimate goal needs to be entering your sixties retired and debt-free.

Conclusion

Debt management is a valuable skill that you develop over the course of your life. Debt consolidation is one excellent option to deal with debt. Make sure you stick to your budget and keep contributing to your future goals.