If your bank account has been looking a little unimpressive lately and you’re getting numerous letters through the door from debt collectors with the dreaded red writing, it might be time you started creating a plan to get out of this situation. You shouldn’t feel ashamed about any debt problems you might have because, at the end of the day, millions of people all over the world find themselves in a similar state each and every day. Indeed, even governments ran by financial professionals have trouble keeping on top of their spending.
With all that in mind, I’ve written this guide in the hope of helping you to find a solution to your debt headaches. By following the advice listed underneath this paragraph, you should be able to start on the path to financial recovery. Don’t get me wrong, this article won’t provide all the answers for everyone, but it should give you all some idea of the solutions available today. Remember not to stress too much, it’s bad for your health!
Step One – Consolidate All Your Debt
Whether you realise it or not, there are many companies out there nowadays who deal with debt consolidation loans. Although it may seem a bit strange to begin getting out of debt by getting into more debt, this is one of the best ways to ensure all your creditors are satisfied and you only have to deal with one simple monthly payment. You may also want to contact an approved IVA and debt solutions company, especially if recovery proceedings have already started, as they are the only ones with the legal power to stop them.
Step Two – Sell Anything Worthy Of Selling
As you’re in so much debt, you’ve probably got quite a few expensive items around your home, right? Maybe you’ve got some expensive artwork or gold and silver jewelry? Well, now is the time to sell it and use the money to decrease the amount you owe even further. Presuming you can raise at least a few thousand, you’re on the way to success.
Step Three – Live Within Your Means
Lastly, if you want to get the debt paid off quickly and you want to avoid every being in the same situation again, it’s vital you start living within your means. This will involve cutting up your credit cards, opening a savings account, and ensuring you never purchase anything for which you haven’t got the cash. Also, avoid mobile phone contracts, loans (even from the bank) and anything that could see you fall back into old habits. I know it sounds odd, but credit can become like an addiction for many people, and so you need to cut your reliance on this form of income.
Hopefully now you’ll be a little less concerned about your monetary situation, and a bit more inclined to tackle the problem head on. Good luck with everything over the next three years. The road ahead is most definitely a tough one, but I’m confident you’ll make it through.
I’ll be thinking about you!