- The first step is to recognise that you are in trouble; you have completed that as you are reading this blog. You are on your way to clear debt.
- Cut up your credit cards and store cards. This can be the hardest step for the majority of people as these cards are viewed as their safety net, but always remember this is probably what has got you in debt in the first place, be brave.
- Cut down on spending, work out what you need per day as a necessity, set yourself a daily budget and stick to it. Cut down on eating out, buying clothes etc. Avoid places that may encourage you to slip up.
- Inform your nearest and dearest of your situation, a problem shared is a problem halved, they should encourage you to keep on track, you are less likely to go back to your old ways if you are feeling watched.
- If you are in serious debt problems, you should get Debt Help; there are debt charities with professional advisers who can point you in the right direction to becoming debt free. There are different options available for you such as a debt consolidation loan, an IVA or maybe just support.
Posts Tagged ‘clear debt’
Five Easy Steps to Clear Debt.
Wednesday, October 14th, 2009Do Not Become Bankrupt to Clear Your Debt.
Wednesday, October 14th, 2009A 22 year old who has just finished University with a £12,000 student loan and a £4,000 credit card debt, is considering declaring themselves bankrupt as it seems like the easiest even only option to take.
Find it disturbing that they would risk in the future obtaining a mortgage. Mobile phone companies, estate agencies for letting homes, banks and building societies all require credit checks. Lenders will be very wary of lending money to anybody who has had a history of bankruptcy. Currently any defaults, CCJs and bankruptcies, stay on your credit history for six years.
The best alternative to bankruptcy and to clear your debt is to contact the citizen’s advice burro for independent advice. Or contact a debt advice charity, who can help you setup a suitable repayment plan, in the form of an IVA.
Get a Second Job To Clear Debt
Wednesday, October 7th, 2009Every extra penny that you earn could go towards clearing debt and making a fresh start. There are many people out there that just do not have the time or have family commitments so we have created a list of easy options to help you earn that extra bit of cash and helping with your Debt Management
- Mystery Shopping. You can earn anything from 5 pounds to 40 pounds for basically doing what you would do normally. Assignments are usually set for banks, high street shops, restaurants and bars. Ironically these places are probably what got you in debt in the first place and now you can get paid for going to them. Grass Roots is a great Mystery Shopping company and is always emailing me with new assignments.
- You can even get a saucy second job, if you have the stomach and the imagination you can be a sex line employee, so with the children out of earshot, you can be doing the ironing and earning money at the same time, there is a thread on this at Money Saving Expert
- There are plenty of other opportunities of making money at home, if you look in your local paper in the jobs section, there usually are advertisements for working at home, this usually entails stuffing envelopes, making up boxes or entering data on the computer.