A Sure Bet To Clear Your Debt!

If you toss a coin the odds of you getting your chosen side is 50/50

, when you get yourself into debt the odds of you being able to manage your growing list of payments are not as straightforward. Debt is a problem faced by thousands of people across the world. Some find it hard to balance their spending habits with their incomings; others simply have found themselves in a difficult situation after a job loss or family bereavement. Whatever the cause, the outcome is often the same, debts mount and so does the stress felt by those receiving bills and angry phone calls from unpaid creditors. So how can you tackle debt? There is no magic solution to freeing yourself from the clutches of debt, the only way forward is to seek help and guidance on how to manage your payments and set yourself on the road to debt freedom.

Getting into debt is a common problem therefore there are plenty of charities and reputable organisations that are ready to help you out of your financial hole. Without the correct help, many people find their debt spiralling out of control and the stakes definitely get higher. Some choose to take the route of a debt consolidation loan, a popular and highly marketed choice to reduce your monthly payments and combine your various debts. Although this may seem to be an ideal fix for anyone struggling with debt, the truth is that a debt consolidation loan is simply more debt. Your payments may be lower each month but you will end up paying a lot more than you originally thought!

If you are not already in a debt management position but you feel as though you are losing control of your savings it is the time to stop and take action. Credit cards and store cards may seem to be a great idea at the time but the high interest rates can often lead to your purchases costing a substantial amount more. It may sound simple but a monthly budget can often work wonders, set aside your money for essential such as food and bills then any money left over can be saved. Of course many people, including myself need an occasional treat. Instead of buying a new wardrobe when you are shopping, pick a great pair of shoes to match an existing outfit, you will soon find that your savings will add up!

by: Sarah May Davies

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