Get,Control,Your,Finances,Debt finance, share, loan Get in Control of Your Finances - Debt Management for Dummie
If your financial problems have reached the point where you do not see a way out and you feel as though you are drowning in debt, your best way out is through declaring bankruptcy. Filing may well allow you to get your finances back on track Thankfully, there are now several web sites that are there to help people like you with bad credit to find the fast personal loans that you need. When you have bad credit, the first thing that you should be looking for is a loan company that
Many people stress and panic about debt like the world is coming to an end. But are they blowing things out of proportion? Ive got together with financial expert Malcolm Lewis to ask him for his top tips to get out of debt. Q. Thanks for joining us Malcolm, can I ask why you think being in debt is such a stress for so many people? Its all about control. If your debts stress you out, its because youre not in control of your finances. Instead, youve let the companies that you owe money to take that control away. It doesnt matter how much debt youre in, if you feel in control of those debts then the stress quickly goes away. Q. So whats the first step in regaining control of your debts? The first step is to understand exactly how much debt youre in. Get together all of those bills and letters from your creditors (the people you owe money to). Get a pen and paper and make a note of the creditors name and the amount you owe. Also, note how long you have to pay back those debts, and when the next payment is due. When you have your list, have a think about which debts are more important than others. For example, your mortgage payments are probably more important than your store cards, so make the list again in order of priority, this will help you get some kind of perspective, and may help later on if you need to talk to debt management companies. Q. Ok, so now we know how much we owe, how does that help us get back control? Knowing how much you owe is crucial, but just as important is knowing how much you earn and how much you have left over after your important expenses. The next step is to make a list of all of your expenses, i.e. housekeeping, rent, tax, fuel, telephone etc. and then calculate a monthly total. Subtracting your total expenses from your income will tell you how much money you have left over to start paying back debts. A great budget sheet to help with this is available at http://www.adviceguide.org.uk/index/life/debt/debt_fact_sheet_index.htm The money you have left over to deal with your debts should be used to pay the highest priority debts first, and this is where negotiating with your creditors is crucial. Once you know what you can reasonably afford, youre in a position to negotiate terms that suit you. This process can be tricky, however, and I recommend getting a debt management company to help. Q. Thanks Malcolm, any last words? Dont let your creditors take control of your life they lent you the money in the first place so its their responsibility to ensure you can afford to make the repayments. Learning more about your debt, income and expenses will help you make the right decisions.
Get,Control,Your,Finances,Debt