Eliminating debt requires a combination of careful planning, disciplined budgeting, and proactive debt repayment strategies. Here are some steps you can take to tackle and ultimately getting rid of debt. Create a Budget Start by creating a comprehensive budget that outlines your income, expenses, and debt obligations. Identify areas where you can reduce discretionary spending […]
Paying off debt is a significant step towards financial freedom. Here are various debt repayment strategies to help effectively tackle and repay debt. Debt Repayment Strategies – Create a Clear Overview List Your Debts Make a list of all debts, including the total amount owed, interest rates, and minimum monthly payments. Organize by Priority Prioritize […]
In the UK, there are several debt relief options available to individuals who are struggling with overwhelming debt. The most suitable option depends on your financial situation, the amount of debt you have, and your ability to repay. Here are some debt relief options in the UK: Individual Voluntary Arrangement (IVA) An IVA is a […]
A Debt Relief Order (DRO) is a form of debt relief available to individuals in England, Wales, and Northern Ireland who are struggling with unmanageable debt but have low income, few assets, and relatively low levels of debt. It’s a legal solution designed to help individuals with limited financial means get a fresh start by […]
Avoiding unnecessary debt is a smart financial strategy that can provide long-term benefits and peace of mind. Here are some tips to help you avoid unnecessary debt. Budgeting and Financial Planning Create a budget to track your income and expenses. Determine your financial goals and allocate your money accordingly. By planning your finances, you can […]
When many people get into unsustainable debt, they turn a blind eye. But there are many signs that your debt is out of control. These are the main ones. Afraid To Check Balances You have too much debt if you avoid monitoring your credit card balances because you know they are excessive. However, this does […]
If you have multiple debts to deal with, it is important to sit down and work out what you owe and how to rid yourself of them. We take a look at prioritising debts. Debt Is Stressful When you have limited means (thus the debt), paying off debt can feel insurmountable, like fighting the tide. […]
Borrowing money is commonplace. We’ve all done it at one point or another, and almost all of us are currently repaying debt. It could be a loan, a mortgage, a new automobile, or something else else. It’s nothing to be embarrassed about. Many people require a short-term loan when something unexpected occurs in their lives. […]
After our last article looking at IVAs, we decided to look at an alternative process for dealing with unsustainable debt. Here is a guide to debt management plans. What Is A Debt Management Plan? Debt management is a loose agreement between you and your creditors. You propose a lesser payment that you can afford and […]
When you’re in debt, it’s as if it’s all you can think about. I’m here to teach you three common methods to pay off debt faster, as well as the ones I prefer and have employed with my own credit issues. Then it’s up to you to put it into practice and regain control of […]
Many people not in debt are nevertheless full of bad advice to give people in debt. They do not really understand what is involved, after all. We took a look at the sort of advice you should ignore if you have debt. Don’t Get In Debt, Then No Problem! This is such a simple statement, […]
Every now and again, we all need to borrow money. If this were not the case, many people would not live where they do. It’s perfectly normal, and it’s one of humanity’s oldest habits. It’s not something to be ashamed of. Debt, on the other hand, can be risky and damaging. It can cause anxiety, […]
Many if not most of us have the continual issue of dealing with debt. For some it is no problem, and such people can deal with it their lives very easily. For others it can be very problematic indeed however. We took a look at how to deal with it in your life. Dealing With […]
We all borrow money, both small and huge amounts, at some point in our lives. It enables us to buy houses and automobiles. And we don’t have to save for a lifetime to achieve what we want. However, there are other ways to borrow, and many people fall into a debt cycle as a result […]
It is a worrying time for so many of us. We are living through a unique period, and many of us have numerous financial problems due to the pandemic. But is it just making things worse in the current climate to take on more credit? We take a look at taking on extra debt and […]
We talk a lot about clearing debt. It is important after all, and even though we broker loans, which by definition add to debt, we only advise such products if they are to benefit the borrower. But clearing debt can be stressful. So we took a look at how to stay motivated whilst clearing debt. […]
We talk a lot on this blog site about how to eradicate debt, as it is a common problem for most people that read our articles. And the author too! But we talk less about what to do when you achieve your aims, and get rid of the financial woes that once hung over you. […]
And so the most difficult of years for many of us draws close to an end. It has certainly been a year to forget, though that may be difficult. But an additional problem many will face as 2021 begins is extra debt. And they must make debt reduction a priority for the coming year. We […]
Borrowing money, whether it is from a lender or even from a friend or family member, always relies on trust. Trust from the lender that the debt will be repaid in full. Trust that terms will be kept to. Thus if you are struggling with debt, it can add extra stress to feel that you […]
For those that have debt and are trying hard to lower it, there have been a thousand approaches to do so. Many simply spread repayment across their debts steadily, paying off a fixed amount each month. But others have a different approach, according to how they receive income, and when. Moolr take a look at […]