Simple Debt-Free Advice

'Debt Free' is a status we'd all love to behold but unfortunately these days very few of us can make such a claim.  But one thing's for sure... if you don't have a plan to eliminate your debt, you will never be debt free.  Having debt problems is not a nice situation to be in and the problem will only get worse if you don't do something about it.  From the moment you start to take action, a weight will be lifted from your shoulders and being debt free need no longer be a dream.

The following debt advice is designed to provide you with the possible route out of your debt nightmare.  Hopefully, one of these options will start you on your journey to becoming debt free.

Remortgaging
This is nearly always the cheapest solution for those that have available equity in their property (the market price minus the outstanding mortgage).  However, it's worth remembering that it is only cheaper in the short term and may work out to be the most expensive option over the longer term.  Adding another £25,000 to your mortgage over say, 20 years at 5% interest is likely to work out more expensive than borrowing the same amount over 5 years at 10% interest. Click here for some great free advice on Re-mortgaging...

Secured Loans
If you wish to eliminate your debts over a shorter period of time then this is likely the best option, provided you have an asset to secure the loan against.  The asset may be a car, shares etc. but generally it would be a property, so if you default on payments you could lose your chosen asset.  That may not be a risk you wish to take.  Click here for some great free advice on Secured Loans...

Unsecured Loans
Unlike a secured loan, you would not be required to offer any assets up as security with an unsecured loan.  It is likely that the interest rates for an unsecured loan would be steeper than a secured loan and also, if your credit record is poor you may struggle to get an unsecured loan.  Click here for some great free advice on Unsecured Loans...

Savings
This is generally always the best option for getting rid of your debts and is pretty much a fast-track route to being debt free.  However much you might value the interest you are receiving on your saving, it unlikely to be as much as the interest you are paying on your debts, so it makes financial sense to eliminate the debts in favour of building a nest egg.  If you have something put aside for a rainy day, consider this to be a rainy day.

Approach Creditors
It really is nearly always a good idea to talk to your creditors and let them know that you are struggling to repay what you owe them.  They would rather get the money back over a longer period of time than not get it at all.  Sometimes this is all it takes to reduce the burden to a more manageable level.

Debt Counselling
Why not speak to the experts about your situation.  They've probably seen it all before and will know exactly what you need to do.  For impartial advice, your first stop should be the Consumer Credit Counselling Service

 

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