Deep debts? Don’t bury your head in the sand! Help is at hand if you are looking for an effective means to get out of debt. But how do you know when your debts have spun out of control? Take this short test and find out!
Constantly missing repayments on credit cards, store cards or loans?
Borrowing on one card to repay another?
Dread opening your mail or answering your phone fearing creditor harassment?
Borrowing from family and friends and not paying them back?
Turned down for credit?
Monthly income never sufficient for your payments?
Panic when confronted with sudden expenses?
If you answered YES to these questions your debts are a concern. Getting out of debt may appear to be an uphill task for many. But with a little effort and minimal sacrifices you can get out of debt. Start by going through your bank statements to work out where exactly your money is going and calculate a realistic budget for your needs. While trying to get out of debt, remember not to acquire more debts.
Classify all your debts into priority debts and non priority debts. Priority debts are the debts that require immediate attention. They include mortgage or any loan secured against your home. Money owed for tax, VAT or insurance also comes under priority debts. These are priority debts because failure to repay may lead to repossession of your home or legal action. On the other hand non priority debts include various unsecured loans like credit card debts, money borrowed from friends and family.
How to get out of debt?
You can allay your debt fears with the help of a debt solution suited for your circumstances. Be it debt management, debt reduction or an IVA, many good companies can help you clear up to 75% of your debts with in a span of 60 months and influence your credit score positively.
Debt management: You just have to enroll in our debt management program to deal with your debts. Debt management experts will negotiate on your behalf with your creditors and help you consolidate all your unsecured loans and get a reduced single reduced monthly installment that you can afford.
Consolidation Loans: Debt Consolidation Loans will bring together all your high interest debts into an affordable and easy to manage monthly payment, it will help you get out of debt in five years or less.
IVA: Legally binding debt solution which you can avail with the help of an Insolvency Practitioner.
Bankruptcy: Generally considered to be the last resort for a debtor.