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Consolidate debt into one payment - Get out of debt
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Debt Management - Budgeting
Introduction
The most fundamental basic of debt (or money) management is to be in control. To know about every penny that comes in and where every penny goes. Ideally, when you open those envelopes that arrive on the door mat every day there should be no surprises.
If you are in debt and/or having financial difficulties, you need to bring yourself around to a situation where ... Read debt consolidation 1 article
Choosing a debt consolidation loan
If you have decided that a debt consolidation loan is necessary, then you have made a big decision. In order to choose the right debt consolidation loan for you, you need to take the time to research what is available versus your needs. Taking the time to do this will pay off in the long run in lower interest rates and less hassle.
Here are some things to look for in a debt consolidatio... Read debt consolidation 1 article
Consolidate debt into one payment - Get out of debt
Are you feeling overburdened with debt? Are you paying out too much every month for your credit cards, store cards and loans? Then why not replace them all with one, lower, convenient repayment through a consolidation loan?
Consolidation loans can give you a fresh start, allowing you to consolidate all of your loans into one - giving you one easy to manage payment, and in most cases, at a lower rate of interest.
Secured on your UK home, low cost, low rate, cheap, low interest debt consolidation loans can sweep away the pile of repayments to your credit and store cards, HP, loans and replace them with one, low cost, monthly payment - one calculated to be well within your means.
With a Debt Consolidation Loan you can borrow from ?5,000 to ?75,000 and up to 125% of your property value in some cases.
A UK Debt Consolidation Loan is a low cost loan secured on your UK home. It frees up the spare capital (or equity) in your home to repay your store card and other debts.
It can reduce BOTH your interest costs AND your monthly repayments, putting you back in control of your life.
Debt Consolidation Loan rates are variable, depending on status Your monthly repayments will depend on the amount borrowed and term.
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How to pay off debt and consolidate your finances
In our world of dizzying change, nothing is more true than the time honored statement that circumstances always change.
No where is this more true than with financial issues.
Have you ever borrowed money, or charged up the VISA card at Christmas, all the while telling yourself that you would pay everything off with a coming tax refund or bonus?
Sound familiar. And then what happens when the bonus money arrives?
Let me guess...circumstances changed, the car needed brakes (or the kids needed braces, etc), and the VISA debt and interest charges keeps piling up.
Unless you have a plan, you will always be caught in the unpredictable grip of "changing circumstances."
This is a slippery slope that can very quickly become serious financial stress. Consider the fact that Americans are declaring bankruptcy at record rates. One in every 100 families is affected by a bankruptcy.
I was on this slope 10 years ago. Declaring personal bankruptcy and filing for divorce went hand in hand.
One of the most insightful moments of the process was preparing a written log for the trustee of all of our spending for the 5 years leading up to bankruptcy.
While all of the individual decisions made sense in the moments that they were made, they looked totally foolish in the context of the "bigger picture"
In other words, constantly changing circumstances drove us off our financial roadmap.
Consider this five step plan for getting on, and staying with, your financial roadmap.
Step No. 1: Make a list of what you owe & prioritize: Put all your bills in a pile. Then list your debts in order, starting with the largest balance first. Then prioritize your repayments (ie paying down the highest interest rate first).
Step No. 2: Eliminate credit cards and don't roll over balances. Once paid off, notify the company that you want to close the account.
Step No. 3: Make a spending plan. Change your free-spending ways. Track the money that's coming in and going out. Use a debit card instead of your credit card. Download your bank transactions into a computer program for easy categorizing.
Step No. 4: Be careful about the equity in your home. Billions of dollars worth of equity has been withdrawn from millions of homes in the last few years. But many people pay down credit cards only to charge them up again - and then you don't have the safety net of the equity in your home.
Step No. 5: Get help. For some people, the problem of overspending is a psychological one. Spending can become a habit that's as difficult to kick as alcohol, drugs or gambling. Sometimes, it's due to circumstances they truly could not avoid: medical bills or divorce or loss of a job.
You can talk with a credit counselor on a private basis. It only appears on your credit report if you enter their debt repayment program.
During this holiday season, as you consider your finances, remember that Americans are now carrying $683 billion in revolving credit card debt. 47% of the people who paid less than the full amount on their credit card bills in a recent month, made only the minimum payment due.
The good news is that planning and professional help will definitely help you turn things around.
Case in point: I went from bankrupt with zero assets living in a boarding house, to gainfully employed, running my own home based business, with 2 houses and excellent re-established credit.
In other words, it can be done.
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Consolidate debt into one payment - Get out of debt
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