You can find much needed debt help today
In the past many people were struggling with debt management and were falling more and more into debt without knowing just how many ways there were to actually get out of it. So for debt help and advice that could prevent this from happening to you read this article and say goodbye to debt problems.
So what are the best ways to manage your unsecured balances (i.e. personal loans, overdrafts, store cards, catalogues, credit card debts etc)?
1. Reducing expenditure
One way to ensure you have more money available at the end of the month is to cut back on how much you spend! This could include switching energy suppliers to find a more competitive electricity or gas tariff, or shopping around to find a cheaper insurance quote.
You could also cut back spending on non–essential items like gym memberships, magazines and hair treatments. With essential items, like food and groceries, you could cut back on eating out or switch to buy own–brand items where available.
2. Maximise your income
Like reducing how much you spend, this point is devised to increase how much money you have available each month. Ways to boost the amount of money you receive each month include seeking extra hours/shifts at work, taking on a second part–time job, or offering your skills in exchange for pay.
You could also review your entitlements to benefits and tax credits, as you may be able to receive more than you are currently claiming for.
3. Seek debt advice
If you’ve tried those above and are still struggling to maintain your many credit commitments, then it may be worth seeking some impartial debt help from a specialist. These may be able to offer some other simple advice and support to help you deal with problem balances, and in some cases may be able to recommend a professional debt management solution – like a Debt Management Plan (DMP) or an Individual Voluntary Arrangement (IVA). Many offer free debt and IVA advice, so there’s no upfront commitment. These will usually enable you to repay all unsecured debts with a single monthly payment, so your finances are much easier to manage. Interest can also often be reduced or frozen altogether, although this is on a case by case basis.
4. Going bankrupt
If you’ve tried all other routes and angles to get out of debt, and your balances still won’t go away, then you might be worth considering going bankrupt. There are some disadvantages of choosing bankruptcy over a different solution like an IVA, as there is still a social stigma attached to bankruptcy. Also in some professions, such as accountancy, the Police or company directors, you cannot continue trading as a bankrupt. It will also seriously impair your chances of ever getting a mortgage and in some instances even a current account! However, as a last resort is should always be considered.
For more ideas on how to get out of debt and for information on a range of other options, talk to one of the professional advisers at Chiltern, Hamilton Locke or The Debt People today.
Go to Features
Add our news to your site
Be the first to comment
Add your comments
Other Features
|
Company Insolvency
With all of us feeling the effects of our economy slipping into decline, many are facing the possibility of our workplace being drawn into the growing number of companies becoming insolvent. From small firms collapsing under the strain, to national instit
|
|
|
|
|
Sex drugs and debt management an unlikely celebrity lifestyle
Throughout time, many celebrities and sports stars have experienced debt management issues and needed to file for bankruptcy. This article explains how to avoid bankruptcy – unlike Kerry Katona, Mike Tyson and many more of our coveted celebs.
|
|
|
|
|
Can Sound Debt Advice Help You Survive the Recession
Unfortunately, Britain was not ready for the recession which has hit us with fill force. If you are one of the thousands of people in this country which have been affected, debt advice could be the way forward.
|
|
Articles by Section
