Category: Debts

Extreme Debt Management: Choose Wisely to Avoid Making Things Worse

Many people learn the hard way that it is much easier to get into debt than to get out of it. Fortunately, when personal debt gets out of hand there are numerous options available to fix the problem. The bad news is that there are no quick or easy fixes, despite what you may sometimes see in the adverts that promise to make your debts go away almost overnight. Here are some possibilities to consider when trying to figure out the best way out of your debt disaster. DMP, IVA or DRO? Oftentimes people who are having debt problems turn to lenders who offer various types of debt consolidation loans…. read more >>

Personal Financial Review Starts With Three Important Concerns

Personal money management is multifaceted, addressing wide-ranging financial concerns. In fact, daily demands can make it feel like your financial resources are being pulled in every direction. And though these day to day cash considerations require attention, effective money managers also find ways to step back for a “big picture” viewpoint. When they do, most recognise three distinct interests, dominating their financial concerns. Debt management, savings status and household budgeting represent key considerations for personal money managers. Understanding and embracing these three essential concerns sets the stage for ongoing success meeting expenses and establishing financial security for your future. Debt Control Outstanding balances owed for past purchases may be placing… read more >>

Climbing Out of a Debt Crisis

In mid-2015 the debt charity StepChange published a report revealing that 2.6 million people in the UK had a serious debt problem, and that an additional 8.8 million were facing moderate debt. The report described this debt crisis as “the new normal” and suggested ways to address the problem. It also explained how people who rely on credit to keep up after an “income shock” or a change of circumstances are substantially more likely to end up in severe problem debt than are those who are able to keep afloat by relying on benefits or on their own personal safety net of savings and spare income. Most money experts and… read more >>

Rising Debt Levels Prompt Some to Ask: Are We Headed for Financial Ruin?

The global financial crisis continues to fade from recent memory, as years separate us from the unprecedented downturn. Recovery hasn’t been a straight-line prospect, but gains have been made in many important areas. For starters, financial watchdogs and government agencies have changed how business is done within the banking and mortgage industries. And some consumers have made strides, finding firmer financial ground. Unfortunately, despite adjustments to monetary policy and better employment figures, a significant number of UK residents appear to be struggling with personal debt. Recent research shows alarming financial trends, in many individual cases, pointing to rising levels of personal debt. And since runaway consumer debt played a large… read more >>

Interest-Only Payments Leave Debt on the Books

The more you earn, the more financing and investment options are available to you – provided you’ve a solid credit rating backing your income. With resources available for payback and a history of making good on debts, you are well-positioned for loan approval and mortgage refinancing. On the other hand, if you live from paycheck to paycheck, eking out each month’s obligations by a sliver, creditors may find you a risky proposition. Unfortunately, a trend gripping consumers relates to tougher lending laws and home financing. You see, for many paying on outstanding debt balances, interest-only payments are becoming the norm. And without opportunities to refinance the debt to more manageable… read more >>