subject: Card Debt Relief – Do You Have A Emergency Fund To Avoid Big Debt In Future? [print this page] Card Debt Relief Do You Have A Emergency Fund To Avoid Big Debt In Future?
Most of the people remain so engrossed in their lives that they never realize when they might lose their comforts and have debt climbing up on their credit. Many of them lead stable lives with comfortable jobs spending as they wish. They carry many credit cards and instead of saving spend lavishly. However all this will amount to nothing if you lose your jobs and on top of it you have a large credit card bill waiting to be paid.
In such an emergency it is always advisable to have some savings which can be used to salvage your situation. As such you should have a savings fund or some fixed deposit fund which can be broken and used at time of emergency. When you are unable to pay your debt it doesn't take much time for the debt to climb up owing to the high interest rate. if you have certain savings stored up they can help you to pay off the sudden large monthly installments and help keep the debt within payable limits. It can also help to pay your monthly expenses
Till the time everything is fine nobody bothers with savings and when there's no time then everybody rushes for other options. Even if you are going for a debt relief methods then your savings can be used to complement such a plan by taking care of monthly expenditure and paying the fees of the debt relief agency. Having a savings fund only has profits since you can get a much larger sum than what you invested in a few years and you might be pleasantly surprised at the help it renders in time of an emergency. Its always better to learn that sooner than later.
