How To Get Out Of Debt
Many of us have debt whether it's a small mortgage or a stack of store cards
but there often comes a time when we don't want all that debt hanging round our necks. For some who are in lots of debt it can make life hard and it could start to affect relationships with people around them to the point where they end up very down over it. But the fact remains that there is always something you can do to alleviate this.
The first thing you must do is prioritize and look at your situation, you need to write down all money that you have coming in every month and what is owed out. Some people may panic at this stage when they realise that their outgoings are higher than their income but you really can manage this.
After you have done this you will have to prioritize your bills and what needs to be paid each week or each month. Of course things like rent, mortgage payments and taxes will come first, after this is food and utilities such as electricity and water as you need all these things to survive and stay in your own home comfortably. The last thing you want to get in the middle of all this is an eviction notice.
Now is the time to look and see what else is really essential, what can you live without? Do you have to have a mobile phone contract or could you cancel it? The same goes for things like subscriptions to online games or even consider canceling the internet itself until you get sorted. Look also to your grocery shopping, you can cut down on luxuries and buy cheaper brands for a while.
After this look at what is left over, at this point most people are left with things like hire purchase items or credit cards, see if you can transfer any of the credit cards to other cards with lower interest rates and always communicate. Let the lenders know your situation and offer them a reduced payment each month.
If any of the companies are being obstructive or saying that what you offer isn't enough then this doesn't mean you can stop paying. Still make token payments, it will make you look good and show you have tried to make an effort to reduce your debts.
Never let a lender intimidate you either, if you have to contact them then do so by letter, don't ring as they can sometimes use pressure tactics to get more money out of you. Never give them personal information such as your bank or card details and especially not your phone number.
And finally if you are still struggling or are getting threats from lenders then get some independent financial advice from an organization that doesn't charge or from a debt counseling charity. There is plenty of help out there so never suffer in silence and get yourself back on track!
by: Tamala Parsons-Wilkes
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