PRESS RELEASE: Debt has become such a common problem today that people begin to think that being in debt is normal and that it’s just something you have to accept.
However, debt is something that you can work your way out of. It takes time and determination, but you can gradually get back into the black.
The first step is to recognise that you do actually have a problem controlling your finances. This may be hard to admit to, but sharing the fact that you are in debt with a friend or relative is the first indication that you are ready to work off the debt and get back on an even keel.
The key to reducing debt is to spend less than you earn. This may sound simple, but in fact, you need to get some help with budgeting in order to make it work. It’s all too easy to carry on spending if you keep credit cards in your wallet. Leave them at home and, better still, avoid the temptation of being in the shops in the first place.
Make sure you are getting the best possible deals on utilities such as electricity, gas and telecoms. Switch insurance policies to cheaper deals and look at renegotiating your mortgage too.
Check out your weekly food bills and see where you can cut costs. Of course, you can leave out the luxury items, but you can also shop at a cheaper supermarket. Buying fresh ingredients and cooking for yourself will be cheaper than buying take-out and ready meals.
If you are in serious debt, then you may need to enlist the help of a debt management company like Debt Free Direct to help you deal with the various creditors who will be chasing you for money. What a debt management company offers its clients is to act as a middle man between you and your creditors. A debt management plan is a way of making one monthly payment to the debt management company which then redistributes payments to each of your creditors. The company may also negotiate a suspension of interest charges so that your debts don’t keep spiralling out of control.
Whether you go it alone and sort out your debt problems through strict budgeting, or whether you seek assistance via a debt management company, you will be able to work your way free of debt eventually, as long as you resist the urge to spend even more money that you simply don’t have.