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Top Ten Tips

Top 10 tips to get you out of debt

Money makes the world go round. For people in debt, this line hits home more than ever. More and more individuals have gotten into debt; some have even survived relying on a lifestyle of endless borrowing and paying. We all need to borrow money at some point, but borrowing too much money is like a tsunami in the making. My friend remarked once that its good to have no money at all, coz it forces your brain to work and become creative. You end up remembering every person, no matter how long ago, who owes you money. It motivates off your couch and forces you to start looking for a job. Finally, it makes you a good relative and friend coz it suddenly motivates you to pay them a visit.

For those in need of some help with debts, whether it’s from Secured Loans, Unsecured Loans, or Credit Card debt, here are 10 tips to get you o n your way.

Admit that you have a problem

Before you can start to get out of debt, you need to acknowledge it first. Don’t live in denial. No person has ever gotten out of debt by denying the issue. So face up to it, you owe people money. But be positive that you will do it and commit yourself.

Communicate

Don’t ignore your creditors. If you are struggling, communicate with them and let them know. Don’t ignore letters and phone calls, speak to them politely and don’t be nasty. Simply explain your situation as you would to anyone else. If you arrange to make a payment by a certain date or return a phone call, stick to it. You are more likely to get cooperation from them if you are in turn cooperative.

Clear your savings

If you have savings but regularly only make minimum payments against your debt then you should pay off any outstanding credit cards or store cards. There is no point paying interest and charges on the money you have borrowed if you have money sat in the bank.

Budget

Budgeting is vital if you want to get out of debt. Make a list of all your income and outgoings and look for areas where you could save. Don’t be unrealistic, ask yourself, ‘do I need to take the car through the car wash when I could do it myself’? You may only save a fiver doing this but it all adds up! Once you have made your budget, calculate your saving and use this to pay off your debts and make sure you stick to it! Use our Budget Planner to help you.

Look at changing your credit card

Moving your debt from a 27% APR credit card to one with an interest-free period can save you a substantial amount. However, you will most probably have to pay a transfer fee, typically 3% of the balance.

Check your benefits

There are millions of pounds in benefits people are entitled to which are not claimed every year. Check www.entitledto.co.uk to see if you are eligible for any.

Save your energy at home

We don’t realise how much energy we waste at home. Making a few simple changes can save you a lot of money in the long run. By adding additional insulation in your loft, checking all windows are sealed correctly and draft proofing doors will enable you to turn down your thermostat whilst keeping your house at the same temperature, thus saving you money on your energy bills.

Remortgage

If you have a lot of debt and are desperate to get rid of it, Remortgaging your home may be an option for you. This can free up money which you can use to free up your debts. Make sure you can afford the repayments though as your may be at risk if you don’t. Shop around for the best deals.

Consolidation is a last resort

Try and resist the temptation to take out a new loan to consolidate existing debts. Remember you can never borrow your way out of a debt and you will more than likely end up in more financial trouble.

Seek professional debt help

If you’re struggling to keep up repayments you should also consider talking to a reliable debt advisor. The UK Debt Advisor can help you negotiate with you creditors and look to freeze interest and charges on your account through a Debt Management Plan or IVA. This will help you pay them off faster as well as taking all those annoying phone calls and letter away.