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8 Ways to Deal with Debt

The global recession is affecting everyone, and many people are finding it harder and harder to deal with their debt. Bankruptcy and IVAs are becoming more prevalent as people are trying to find a way to get out from under their debt and start a new life. However, everyone should research all of their options before taking one of these drastic actions.; There are ways of dealing with your debt that should be tried first. Here are eight tips to help you deal with the debt that you are facing.

  • Tip #1 : Acknowledge that you have a problem dealing with your debt.

    You cannot deal with your debt until you admit that you have a problem. You need to sit down and review all of your finances. There are many websites available for you to use to help you figure out what you have going out as compared to what you have coming in.

    Tip #2 : Do not allow collection calls to intimidate you.

    Yes, the people on the other end of the phone can be nasty and rotten when they demand payment over the phone. They are masters at pressuring you for payment and they will use underhanded tactics to get to agree to things you cannot afford. Do not let them pressure you. If you feel you are being harassed, contact the Office of Fair Trading (OFT) and report the collection company.

    Tip #3 : Make getting your debt in order a priority.

    Make sure you take care of all of your essential debt first, such as your mortgage and any other secured loans. If you default on these loans, you stand to lose your property, such as your home or vehicle.

    Tip #4 : Seek advice from a competent and reputable source.

    Getting professional advice from a competent and reputable source can help you get your debts in line. They know the tricks of the trade and they can steer you in the right direction towards solving your debt. Use the form on this site for that.

    Tip #5 : Think carefully about bankruptcy or IVAs before you apply for one.

    Filing for bankruptcy today is less of a stigma than it used to be, but it still leaves a mark on your credit record. It can affect future credit lines and possibly even your employment prospects. You need to weigh all of the options before you take action.

    Tip #6 : Be very wary of firms offering bankruptcy alternatives.

    There are some bankruptcy alternatives available to you, but not all of them are suitable for the debt you may be dealing with. If you are going to look into a bankruptcy alternative, make sure you use a reputable agency to help you.

    Tip #7 : Be disciplined.

    If you enter into a consolidation loan or other debt repayment plan, keep your spending to a minimum. The last thing you want to do is put yourself in deeper debt, and it is important to make sure you pay your essential debts as well as your loan payment.

    Tip #8 : Do not shop as a form of therapy.

    People like to shop when they are under stress. Replace shopping with some other activity, such as exercising, taking walks and other things you enjoy that do not cost money.
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