If you find yourself in financial trouble it’s important to stay on top of your debts; otherwise they could get on top of you. Still, no matter what debt-related problems we face, there is always a solution just waiting for us to discover it. People with the largest unpayable debts generally experience the most problems, though much of this is down to their fear of getting things straightened out.
I actually got myself into a lot of debt a few years ago, and for a few months I was terrified by what might happen to me and my family, then I went and spoke to a provider of debt solutions in Cheadle, Manchester and they helped me to find the best solution available which still allowed me to keep a small quantity of my income each month.
With that in mind, have a quick read through this article and i’ll do my best to offer what little advice I have. Hopefully then you should feel a little safer in your current position, if nothing else.
Some people seem to have a lot of trouble ensuring they only spend what they earn. Obviously credit cards don’t help with this and should be completely avoided if you’re experiencing a financial slump. That said, I have a friend who had a balance of only £2000 on his credit card and was paying minimum payment amounts of around £49 per month. Now, though this doesn’t seem that bad, upon closer inspection I discovered that out of the £49 her was paying each month, over £40 was interest. This means that his payment of £49 was only taking around £8 from the balance of his loan.
I immediately told him this wasn’t good enough and began looking into more solutions. Within an hour or so I realised that all my friend had to do was take out a new credit card with 0% balance transfers for 12 months, and swap the debt. This meant that he still had to pay his £49 per month, except now, every single penny of it was paying off his debt. The best thing about this? You can do it over and over again to ensure you never pay any interest on a credit card debt.
Visit A Debt Management Company
As I said previously, the best thing you can possibly do if you don’t know how to deal with your current financial situation is to ask the experts. Debt management companies are specially designed for people in your situation, they know the law, they know about industry practices, and they know the best ways of getting out of debt. So stop listening to an unqualified writer like me and give them a call today.
I was hesitant too, but honestly? It’s the best thing I ever did.
Stop Taking Out More Debt
Though it might seem like the perfect solution, lending money to cover your debts is never advisable. If you can’t pay the money you already owe, what chance will you have of finding the cash to make payments on a new debt? That said, in some instances low interest bank loans can be used to pay off high interest private loans, but this should only be considered as an option if you’re trying to get the debt down more quickly, and you have no trouble making payments.
So there you go my friends. I hope you achieve your debtless goal soon, as I do realise how stressful the whole situation can become. Just remember to act honourably and with integrity and you should find things aren’t quite as bad as they seem.