How To Get Your Your Money And Debt Under Control

 

How To Get Your Your Money And Debt Under Control

If you are struggling with money and debt, here are some things you can do to help. Admit to yourself that you have a lot of debt. It is very easy to strugle for each month of robbing Peter to pay Paul, without addressing the problem. If you are spending more than 10% -15% of their income (excluding mortgage loans) to repay debt is likely to be financially stretched. List what is due to credit cards and loans, etc. And shocking so be prepared! Even a list of what the repayments for each. Whether the funds for debt service is more than 10-15% of their income.

If so, here are some options to find the problem. If possible, increase your income. You can get the money of the state, such as tax breaks or help with rent or council tax if you are on low incomes. Alternatively, you can probably find a part-time or rent a room for guests.

If it is not possible to increase your income, you must find ways to reduce your consumption. Are there things that you can reduce? Start buying cheaper products in supermarkets. It is amazing how much your grocery bill can be reduced by buying "own brand"


If increasing your income or reduce expenses is not possible or inadequate, so I write to people who owe money to and explain the situation and ask to suspend the interest so you can begin to reduce what you owe. This is known as an informal agreement. More formally, we can arrange a legally binding agreement with their creditors called individual voluntary agreement. Often, this will reduce the amount you need a considerable amount. The other main way to get rid of unmanageable debt is bankruptcy, which has been made easier and simpler for the end. You should obtain advice on these options in the Citizens Council of the Bureau.


The main thing to do if you are struggling financially to do something before it gets worse.