- Report
Delayed payments missing from debt view
- 22 July 2020
In the face of the uncertainty imposed by coronavirus, awareness of discretionary debt has slightly increased. Yet on average, a third do not recognise delayed payment options as debt.
Executive summary
The naturally attractive nature of discretionary debt is such that the pain of paying is delayed, and consumption gratification can be made near-immediate. Therefore, in addition to having enough in the bank to repay dues, our behaviour is essential to debt management. Calculating and prioritising spending and repayment over varying time horizons requires proactivity. Particularly in the face of financial uncertainty.
There is no silver bullet for debt repayment. While most consider it a useful option to have, it is only an effective financial tool when recognised and repaid. It takes resisting procrastination and prioritising repayments.
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New Horizons Hub: seeing debt for what it is
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