The phone rings from an unknown number and you are too worried to answer it, it might be the bank or it could even be a debt recovery agency trying to get you to make a payment. You really do not want to talk to either of these poeple, why can they not just leave you alone?
You’ve fallen behind on your payments and you can not figure out how to get back on track. You need to find a way of making your payments and still having the money to buy the necessities you have in life. Nobody is going to want to make you starve yourself and not buy food.
Creating a debt management plan is a way to take complete control of your finances. You can plan what you need to spend your money on, what you need to make the repayments on immediately and where you can cut back on expenses.
Taking a full and complete look at your finances will allow you to make the first step towards regaining your financial freedom and your long term security. Starting a debt management will be the perfect first step.
Look at what you are spending. Do you really need to have all the movie channels or the sports channels? In fact do you really need to have pay TV at all? Can youlive with just freeview? Look at your mobile phone, is your contract too high? Are you using all of your available minutes? What would happen if you switched down onto a pay as you go deal? Would you save any money? Even £5 a month soon mounts up to £60 over a year.
The next step is to avoid late payment fees. These are completely unnecessary and you end up paying for something that does not come off of your final amount. It’s just an extra £25 for nothing.
Start to act today and start your debt management plan now.
If you are struggling to manage your current debts there are a number of options you may choose that could help you sort out your finances. One of the debt management options you might wish to consider is refinancing your debt with a debt consolidation loan. This will enable you to move all current credit card debts, loans and store card debts to one, easily manageable loan account.
With debt consolidation loans, you will only need to make one monthly payment towards the loan rather than juggling your finances every month and making regular payments to all of your debts. You will need to search around though for loans with the best interest rates and repayment options.
A good way to work out whether a debt consolidation loan would be an ideal choice is to set up a spreadsheet detailing all of your regular monthly loan and card repayments. If you are just making the minimum payments to your creditors every month and don’t think you have any option of increasing payments or starting to clear your outstanding balances, then perhaps you may wish to begin looking for suitable debt consolidation loans.
You will certainly find that consolidating your debts under the umbrella of one loan will remove some regular stresses, if you struggle with making regular debt repayments. The drawback to debt consolidation though is that you may be tempted to start spending on credit cards again when the balances are reduced to nil. You should fight the impulse to begin spending on credit once more, at least until your debt consolidation loan balance has been cleared in full.
Being in debt can be distressing and cause a great deal of worry. Debt consolidation loans are one way to help alleviate high credit card interest rates. You may wish to seek professional financial advice to discuss further options that may be available to you.