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.
This is such a simple statement, but it’s one I’ve pondered many times. I’m sure there are others that are in debt as well.
The problem is that it’s too late to change the past.
Anyone who is in debt needs to quit wishing they could go back in time and start looking for solutions to pay off debt in a way that they can afford.
Yes, it’s important to learn from previous mistakes so that they don’t happen again, but just telling someone, “You shouldn’t have done it,” is neither helpful nor practical.
If only that was the case!
This could be one of the worst things you can say to a debtor.
The problem will not go away if you bury your head in the sand. It will aggravate the situation.
Ignoring debt will result in a significant increase in the amount you owe. Late fees and interest will be added to your account.
If you wait any longer, the creditor may refer your case to an attorney or a debt management organisation. They could file new charges against you and seek a CCJ. This, once again, is more expensive and will have a significant influence on your credit report.
While confronting debt head on may be frightening at first, it is the only way to ensure that it is effectively resolved.
I know it’s an old adage, but I’ll say it anyhow.
If something sounds too good to be true, it most likely is.
Anyone saying that they can write off all of your debt in a matter of minutes or that you can get out of debt by using loopholes is not telling you the whole storey.
In reality, you’ll have to pay back the money you owe; it’ll take a long time, and there’s no way to make it disappear.
If you have debt that you have not adequately handled, you will most likely be unable to accept our new credit.
Putting all of your bills into one payment may seem like a good idea, but you’ll be joining another credit agreement with a potentially higher interest rate. It’s possible that this will take much longer to pay off.
This is not a good idea to consider unless you have a strong handle on your bills.
Yeah, because we’re all financial wizards on our own – but then the debt wouldn’t have existed in the first place!
While it’s tempting to believe that the problem is yours to solve, there are a number of organisations that can provide you with free, objective, discreet, and sound guidance to help you resolve your predicament.
You don’t have to do everything they recommend or even follow them to the letter, but acquiring some debt-relief strategies from professionals is a great place to start.