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Debt Free Diaries
[COLOR=#ff8000][SIZE=5][CENTER]Debt Free Diaries[/CENTER]
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If you find yourself struggling with debt you are not alone, millions of people worldwide are in the same position. We live in an age were we buy now, worry about paying for it later and with so much stuff on credit the bubble was sure to burst at some point. If you find yourself overwhlemed by debt then this site is designed to help you by offering Debt-Free Solutions and information to get you back on track. The main thing is not to panic, at the end of the day you are reading this article because you want to sort out your problems, so take a deep breath and relax, remember that debt problems can be fixed, it may take time and it may not be easy but there is a way out. No amount of money – or debt is worth putting your health or well being at risk for, so be reassured that you are able to deal with this and you can work your way out of debt.
So how bad is your debt problem and what are the options available to you?
Firstly it is important to figure out whether you have problem debts or if you are in debt crisis. How do you know?
You are in debt crisis if you cannot afford to pay the minimum required payment on all of your debts and cover your day to day living costs – such as food, electric, gas, mortgage payments. If you are in debt crisis then you need to seek professional help to deal with your problems. Get in touch with a charity or government run debt counselling service; in the UK you can get help from the CAB or National Debt Helpline. Do not use a commercial debt counselling service as they are usually only out to rip you off!
Depending on the severity of your debt problems you may able to use one of the following solutions;[INDENT][B]Consolidation loan[/B]
If your credit rating is still ok you may be able to replace all of your debts with a single loan, paying back your debt over a longer period of time but with a lower monthly payment could just give you the breathing space you need.
[B]Debt Management companies (DMCs)[/B]
DMCs can help with non priority debts (unsecured debts). They can negotiate with your creditors on your behalf and work out a repayment plan that you can afford. Our advice is to use a charity or government backed DMC who will help you for free. Steer well clear of any commercial companies who would charge you for this service. In the UK you can contact the CAB or National Debt Helpline.
[B]Other Options[/B]
There are other options that may be available to you but you should always take professional advice from one of the free debt counselling services that we mentioned earlier before considering them, they are;
[LIST][*]Administration Orders[*]Individual Voluntary Arrangements (IVAs)[*]Debt Management Plans[*]Debt Relief Orders[*]Bankruptcy[/LIST]
In any case whatever you decide to do you should be looking to pay off your debts as soon as possible to enable you to be free from the burden and get on with living your life again. To make this possible you need to follow three simple steps;
[LIST=1][*][B]Lower your interest rates[/B]
Move your debt to the cheapest interest rates, ask your creditors to lower your rates or if possible get the interest frozen to enable to you pay off the debt more quickly.[*][B]Decrease your outgoings[/B]
Do a budget, shop around for the best deals, change your supermarket, cut back on luxuries, become thrifty in everything you do.[*][B]Increase your income[/B]
Ask for a raise, improve your skills in order to get a promotion or better job, take on part time work or work from home around your current job, start making money online, ebay your stuff. Be pro-active and creative and think of ways to generate more money.[/LIST]
[/INDENT]
[/SIZE][/COLOR]
If you find yourself struggling with debt you are not alone, millions of people worldwide are in the same position. We live in an age were we buy now, worry about paying for it later and with so much stuff on credit the bubble was sure to burst at some point. If you find yourself overwhlemed by debt then this site is designed to help you by offering Debt-Free Solutions and information to get you back on track. The main thing is not to panic, at the end of the day you are reading this article because you want to sort out your problems, so take a deep breath and relax, remember that debt problems can be fixed, it may take time and it may not be easy but there is a way out. No amount of money – or debt is worth putting your health or well being at risk for, so be reassured that you are able to deal with this and you can work your way out of debt.
So how bad is your debt problem and what are the options available to you?
Firstly it is important to figure out whether you have problem debts or if you are in debt crisis. How do you know?
You are in debt crisis if you cannot afford to pay the minimum required payment on all of your debts and cover your day to day living costs – such as food, electric, gas, mortgage payments. If you are in debt crisis then you need to seek professional help to deal with your problems. Get in touch with a charity or government run debt counselling service; in the UK you can get help from the CAB or National Debt Helpline. Do not use a commercial debt counselling service as they are usually only out to rip you off!
Depending on the severity of your debt problems you may able to use one of the following solutions;[INDENT][B]Consolidation loan[/B]
If your credit rating is still ok you may be able to replace all of your debts with a single loan, paying back your debt over a longer period of time but with a lower monthly payment could just give you the breathing space you need.
[B]Debt Management companies (DMCs)[/B]
DMCs can help with non priority debts (unsecured debts). They can negotiate with your creditors on your behalf and work out a repayment plan that you can afford. Our advice is to use a charity or government backed DMC who will help you for free. Steer well clear of any commercial companies who would charge you for this service. In the UK you can contact the CAB or National Debt Helpline.
[B]Other Options[/B]
There are other options that may be available to you but you should always take professional advice from one of the free debt counselling services that we mentioned earlier before considering them, they are;
[LIST][*]Administration Orders[*]Individual Voluntary Arrangements (IVAs)[*]Debt Management Plans[*]Debt Relief Orders[*]Bankruptcy[/LIST]
In any case whatever you decide to do you should be looking to pay off your debts as soon as possible to enable you to be free from the burden and get on with living your life again. To make this possible you need to follow three simple steps;
[LIST=1][*][B]Lower your interest rates[/B]
Move your debt to the cheapest interest rates, ask your creditors to lower your rates or if possible get the interest frozen to enable to you pay off the debt more quickly.[*][B]Decrease your outgoings[/B]
Do a budget, shop around for the best deals, change your supermarket, cut back on luxuries, become thrifty in everything you do.[*][B]Increase your income[/B]
Ask for a raise, improve your skills in order to get a promotion or better job, take on part time work or work from home around your current job, start making money online, ebay your stuff. Be pro-active and creative and think of ways to generate more money.[/LIST]
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