Tips on Debt Management

Fixing Finances After Declined Loan Applications

Adele’s household is a big, bustling one, and with multiple generations living under one roof, there’s always more than enough love to go around – but unfortunately, the same can’t be said for money. 

As a single mom and the sole breadwinner, Adele says she didn’t always make the best financial decisions. Her debt spiralled out of control, and when her loan application to pay for her daughter’s tuition was declined, it was a tipping point for her. Shortly after, she saw an advert for DirectAxis Pulse, a free app that lets you track your credit rating and find out how to improve it, and knew it was a sign: it was time to take control and get her credit health back on track. 

Adele shared some insights about what she learnt in the process:

Knowledge is Power

“The most difficult thing about your loan being denied, is that most financial institutions don’t tell you how to fix your finances,” says Adele. “They just tell you to try again in a few months.” Through DirectAxis Pulse, she learnt that multiple loan applications actually depreciate your credit score even more, so “trying again in a few months” isn’t necessarily a good option. 

Adele’s become quite familiar with DirectAxis Pulse; learning about her credit health rating has made her determined to discover more and share her knowledge with others. 

Track Your Spending

Tracking her credit score showed Adele the importance of knowing exactly where you’re spending. “We’re always just tapping and swiping our debit and credit cards without being intentional about it,” says Adele.

She’s begun to understand just how costly these cards are – from the monthly fees to the interest on your overdraft. “Don’t max out your credit card. It will catch up with you, and then, keep piling up. It’s a slippery debt slope that’s very hard to overcome,” says Adele.  

Now, she approaches her spending strategically, drawing cash for specific purposes and using only the pre-allocated money to pay. “Otherwise, you end up hitting the store for three things and come out with twenty,” she says. 

Take Advantage of Financial Apps and Tools

There are myriad helpful apps and tools you can use to take control of your finances. With the guidance of DirectAxis Pulse, Adele is using her newfound education to finally take control of her credit status. Now that she’s been empowered with a wealth of financial knowledge, she’s excited to see her new and hopefully, improved credit rating at the end of each month.

“Every small increase in my credit rating takes me further in the right direction,” says Adele. “As I keep learning more about key money management tools, they’ll be vital gifts for my children, who can pass on the knowledge to their children, and so on.”

Sign up for DirectAxis Pulse now and take back control of your credit health. Get in touch with us today to find out how we can help you build your better tomorrow, together.

 
  • DirectAxis
    Stats

  • 24%

    Consolidation

    of customers use loans for consolidation

  • 24%

    Renovations

    of customers use loans for renovations

  • 12%

    Education

    of customers use loans for education