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How Can I Get Out Of Debt In This Economy?

» Posted by on May 20, 2015 in Financial, Mental, Social | 2 comments

How Can I Get Out Of Debt In This Economy?

How Can I Get Out Of Debt In This Economy?: Does Matter How You Got There

“It doesn’t matter how you got there but whether you have the drive, passion, and ladder to get out of the hole” – Greg Stargell

People can find themselves in debt difficulty for a number of different reasons, but what options are available to resolve a financial issue?

When taking out credit, we generally look at our current financial position and base our repayments on what we can afford according to our current income. We do not tend to look at what could be around the corner.

This more often than not creates immediate risk to us and our families.

Recently a large business in Lincolnshire had to close their doors leaving over 700 people without a job. Suddenly, these people found themselves in a position with no income.

 

How Can I Get Out Of Debt In This Economy?How Can I Get Out Of Debt In This Economy?:  Do You Have A Back Up Plan

Some of these people will have borrowings with no savings to fall back on; they will now find themselves in a situation where they simply do not have the money to keep up with their financial commitments until they are able to find a new job.

This is just one of the reasons someone kind find themselves in financial difficulty.

Being in a position to some people is unknown territory and they are just not sure where to turn and ask for help.

There are solutions put in place for anyone who finds themselves in position where they no longer repay their debt at the amount set by their agreement.

How Can I Get Out Of Debt In This Economy?: Know Your Financial Position

Your financial position will generally determine which option is suitable when considering ways to resolve a debt problem.

Options available may also depend on whether your borrowing is secured or unsecured.

 

How Can I Get Out Of Debt In This Economy?: Secured, Unsecured, And The Creditors

Generally for personal unsecured debt, options such as a Debt Management Plan may be suitable. Alternatively, if you have a fair amount of income (although it may not be enough to meet current monthly agreed payments) an Individual Voluntary arrangement could be an option.

The most important thing to remember if you ever find yourself in financial difficulty is to make sure your creditors know exactly what is going on.

 

How Can I Get Out Of Debt In This Economy?How Can I Get Out Of Debt In This Economy?: Have You Considered A Third Party?

Some creditors have a bad reputation for being unsympathetic to those who have found themselves in debt difficult. Because of this, some people are afraid to talk to them. Their situation is bad enough without a creditor giving them a hard time over the phone.

The Office of Fair Trading have guidelines that all creditors should abide by, so it is worth reading up on your rights so that if a creditor does work outside of the guidelines, you will recognize this and this will help you inform your creditors you know what rights you have and how you are protected.

If you find it too difficult to talk to your creditors, you can authorize a third party to deal with your debt on your behalf. As long as you have authorized them, your creditors must respect your wishes.

 

How Can I Get Out Of Debt In This Economy?: There Are Options

There are a number of financial companies that help people with debt problems. These companies can explain options that available and encourage you not to over commit yourself into anything that may cause more stress.

It is also important to be wary of banks offering refinance. Refinance could be a good option, however, consider the interest you will be paying back on top of what you borrow.

Don’t be tempted by quick fixes, such as borrowing more money, if you know in a few months time you will find yourself back in the same situation.

Regardless of your financial situation, whether you are dealing with personal debt or business debt, there is always a solution. Do not be afraid to seek help and face your debt on. Do not put letters unopened in the bin or in a drawer hidden away.

As long as your creditors are aware of the situation, they can consider whatever proposals are put before them when coming to an agreement on the best way to repay the debt.

May the information help you and/or loved one to get out of debt.
Take Care And God Bless

Greg “Da Spokesman” Stargell

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How Can I Get Out Of Debt In This Economy?


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How Can I Get Out Of Debt In This Economy?

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How Can I Get Out Of Debt In This Economy?




2 Comments

  1. Your style is very unique in comparison to other folks I’ve read stuff from.
    Thank you for posting when you have the opportunity, Guess I will just book
    mark this web site.

    • Thanks for the compliment Jeffery

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