Who doesn't have debts, please stand up?!
I have debts, everyone have debts.
Debts will never be settled until we settle it by giving in installments and period of time. Owing to credit cards company, insurances, finances and banks and even to our own relatives or friends.
What ever the income I earned, barely enough to pay off the debts I have. Currently, I have 3 insurance policies in which I have to pay the premiums in half yearly and quarterly period. I have to continue to pay off these premiums in 15 years time or so.
If I lapse in these premiums, the policies therefore will lapse and there won't be any protection. I will have to pay until I'm 50 or 60s. Thought I can retired without worrying!
But one thing come out good from all these. If there is no any claimant involved, I can get all the return double in my premiums purchased.
I even had segregated my savings into many monetary forms, in FDs, in other bank account and in mutual funds. Just for emergency and also for my retirement.
Just buy minimal insurance protection which are affordable and ensures you the best protection.
Ps. What types of debts you are facing now? What kind of ways to overcome it?