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How to Defeat Debt

Author: Sarah Modlock (?)

As a nation, our personal debts are at record levels. Research from Citizens Advice shows that one in five people who have loans and credit are using that credit to cover everyday household bills. Worryingly, more than a quarter of people with credit and loans have no idea how much they owe. Its a good idea to cut up your credit cards and consolidate all your loans into one. Find the loan that works for you.


Diagnosing debt

Look for the danger signs by asking yourself how many times you say yes to the following questions:

  • Do you have more than two credit cards with constantly rising balances?
  • Do you only pay the monthly minimum on each card?
  • Do you have long-standing store-card debt (often at around 30% interest)?
  • Do you borrow from one source to pay off another debt?
  • Do you have trouble paying for essentials, eg your mortgage, bills, food etc?
  • Do you find you run out money long before pay day every month?
  • Do you regularly fail to make loan repayments?
  • Do you regularly pay for food with credit cards?
  • Are you facing legal action by lenders?
  • Do you dread the arrival of the post and put off opening bills?
  • Do you row with a partner over debts?

If you have two or more of these finance habits you could already be in danger of falling into the debt trap, or already be there. The following tips could help you avoid it or take the first steps to getting out of it.

Pay in cash

If you cannot truly trust yourself with plastic, then withdraw the amount of cash that you need instead. It is much harder to part with notes than hand over plastic and you will also get a much better sense of how much you are spending.

Check the smallprint

Read the small print before you sign up for any credit. Check the annual percentage rate on loans and financing.

Do not be seduced by the marketing. Watch out for credit card and loan companies advertising interest rates as low as 2.9%, but which climb to 18% or more after a short time.

Be wary of store cards

Signing up for credit in your favourite high street shop may be tempting, especially if you are given money off or a free gift. But it is one of the fastest ways to get into debt. Most store cards have extremely high rates of interest, so you could very quickly be paying more than 29% on outstanding balances.

Pay now, not later

Pay card bills before the due payment date. Unless they are paid in full each month, lenders charge interest from the date a transaction hits the account, so the longer debt remains on an account, the more interest you pay. The sooner a payment hits an account, the less you will pay in total. Paying the balance by direct debit will also help focus your mind.

Get out of debt

Stop spending straight away. Do not ignore the bills, however much you dread them - credit card statements and bills do not go away, they just continue to accumulate interest. Stay in touch with your creditors. Finance companies are willing to help if repayments become unaffordable, so long as you communicate with them.

Break the vicious circle of borrowing from one place or person to pay back another - get personal debt advice.

When you are debt free, make a new budget and stick to it.


Kevin Taylor :
There are advantages to considering a secured loan to consolidate some of your other financial commitments. Secured loans are offered by a selection of lenders up to 125% of the value of your property.
This means that, unlike a mortgage, you may be able to borrow more than the value of your house. Secured loan lenders are able to offer this because property values increase over time.
Secured loans can also be repaid over a much longer period of time than unsecured loans which means the repayments could be much more manageable.
Dan Miller :
Especially in an economy like this, debt is just rising and only getting bigger. It is so hard to get back on top and defeat debt. I am struggling so hard just to pay off my school debts. They push you so hard to get an education so you can get a good job and have a good life. Now I have an education and there are no jobs out there.
DanielClarissa28 :
I opine that to receive the credit loans from creditors you should have a great reason. But, once I've got a financial loan, because I wanted to buy a car.
home loans :
A lot of specialists say that loans aid a lot of people to live their own way, because they are able to feel free to buy needed goods. Furthermore, various banks offer collateral loan for all people.
loans :
Houses and cars are not very cheap and not everyone is able to buy it. But, home loans was invented to aid different people in such hard situations.
Yamary :
For the love of God, keep writing these articles.
Rajendra :
1. To establish credit there's an account at certain banks just designed to build credit. Works really well for students, bankruptcy clients, and immigrants who have a social security number. I know at LaSalle Bank in Chicago for example, they have the Dreams Begin's Account . The way it works is that it's a savings account that allows you to pay about $ 67 dollars per month for 1 year. At the end of the year it looks like you have been paying a $ 1000 consumer loan on your credit report. You can opt to do it again after a year or at that time you can just turn it into a regular savings. 2. As you stated before, keep in mind that each time your credit is checked you lower your score. I believe after three inquires per yr every inquiry brings your score down 5 points. To stay in good standing once you get your bill just pay on time, minimize inquires, minimize open accounts, and stay away from department store charges because they charge extremely high interest rates.
MaGuy :
Yes, you can get a personal loan easily through various ways. Usually the most popular ways are:1. Banks2. Private lenders Banks have the lowest interest rate but are sometimes harder to get, and private lenders have a higher interest rate and easier to get.Also if you see they keep rejecting your application because of a not-so-good credit score, simply apply for bad credit personal loans.Good luck!
Jose :
Well, depending on how old you are. You can try and apply for a Gas Card and yes Gas Cards DO help your credit a little. Another way is furniture stores or appliance stores that don't require credit checks or stores that have the option for people with good credit, bad credit, no credit.
Osman :
A secured card is the way to go but if you can't get one of those then you could try: Applying for a card at a store, many stoers offer them and they are usually less discriminatory when they are approving people. Get some bills in your name (Phone/Electric/Cable) and make sure you make your payments on time.

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