Life Without Debt – Rebuilding and Starting Over

So, you made it — you have a life without debt. That means that the world suddenly got more interesting really quickly. Instead of worrying that you aren’t going to have options, you really do have all of the options you can think of. If you want to go back to school…you can do that. If you want to aim for a career change — you can do that too. The world is really going to open up to you. It’s a good thing, really, considering that debt elimination is a pretty stressful thing. No one sets out to get stressed out about getting out of debt, but that’s often what happens. You want to make sure that you have all of your bases covered.

The road to debt freedom is a challenging one. Few guides talk about what you should honestly do once you’ve hit this point. Do you make something of your life, or do you constantly save without having any idea of what to really do with all of it?

You need to start looking at new goals. Since you have no debt, you what to make sure that you keep it that way. If you have problems maintaining modest credit card balances, you don’t want to go back to that again. You might need to put credit goals on hold until you change your mindset. Credit is just a tool — it’s what we do with it that really makes all of the difference in the world. Thinking that you have what it takes to rise high out of the debt game is one thing, but putting it into practice is another. Anyone can be moderate for a short time — you’re going to have to be consistent.

You may even need to put friends in check. They are seeing you with old eyes — you need to make sure that they understand that you’ve changed. You can’t spend money like crazy anymore. You can’t just go hit up all of the high street stores when you feel bored. You must inform them that they have to be supportive of you. And of course if they aren’t willing to be supportive then they just don’t need to be around you.

You might find yourself teaching new financial lessons to your children. Remember that they model everything that you do. So if you set good financial habits now, they will model that. Giving them the best foundation for financial success is a good thing. We don’t have nearly enough educational time set aside to talk about money. Money is a very powerful thing, but it must be used with caution and care.

Design a new future.
Feel better about yourself.
Reach out to other people still struggling with debt.
Teach your children about the benefits of a debt free lifestyle.

And finally, make sure that you stay within your new limits. You might feel tempted to splurge “just once”, but will it really stay as a “just once” thing? You need to ensure that you’re always thinking about your own options from start to finish. Good luck and may you enjoy your debt free life for a long time!

Continue Reading

Getting Rid of Debt

Debt is a millstone around your neck and more so if you are struggling with debt on your own. It is estimated that right now in the midst of the double-dip recession there are more than 10 million people in the UK currently in debt, with 11% of these being over 60. Despite the high profile of debt management companies and free debt advice organisations, it would appear than many of the over 60s find debt shameful and are embarrassed by it, believing that if they highlight their situation it may result in them losing the ‘luxury’ of their beloved pet. This of course is untrue. Debt management works by means of setting out a budget listing outgoings, factored in to these outgoings would be pet insurance premium, pet food and other necessities.

Whether you are 20, 30 or 60 debt is indeed a problem and everyone deserves to sleep well at night, free from that stomach-churning worry of how many demands for payment tomorrow’s post may bring. Say no to rising debt and high interest rates right now and contact a debt advisory service. Once you make that initial call you will feel better as you realise you don’t have to struggle with debt alone. Your designated debt advisory specialist will arrange to speak to your creditors, including your pet insurance supplier or vet, and negotiate with them a workable repayment system.

avoid_Debt
Debt advisory services are not there to judge but to help people such as yourself out of the quagmire of debt and set you on the debt free road once again. Everything you tell your debt advisor will of course remain completely confidential.

If necessary your advisor may refer you to one of the debt consolidation experts within the service, who will guide you carefully through the process. Alternatively you may be better suited to an Individual Voluntary Agreement, commonly called an IVA. An IVA is a completely new agreement that you enter into with your creditors, allowing lower interest rates and the opportunity to become debt free within 60 months.

Speak to a reputable debt advice company today and take that first step towards peace of mind and a happier life.

Continue Reading

Baines & Ernst Free Prize Draw – A chance to win your unsecured debts

It’s not every day you hear of a debt management company offering a free prize draw. But that’s what’s happening right now at Baines & Ernst – one of the country’s longest established providers of debt management solutions.

Entering the competition for your chance to win up to £8,000 to pay off unsecured debts* is easy too – all you need to do is visit the company’s Facebook page and complete a short application form or enter online at Baines & Ernst.

A spokesperson from Baines and Ernst said “Aside from wanting to help transform the finances of one lucky winner, we also wanted to raise awareness about the types of debt solutions available. People can easily get trapped in a cycle of debt because they don’t know what help is available to them. We’re here to tell people that they are not alone and there are solutions available that could help them get out of debt long before Bankruptcy is their only option.”

A free prize draw may seem like a novel way to raise awareness, but the fact is, debt is a problem in the UK. And it’s continuing to rise as people struggle to meet debt repayments they were once able to cope with.

In April 2012, Credit Action – the national money education charity – reported that the average household debt (excluding mortgages) stood at £8,002. This referred to unsecured debts including payday loans, catalogue accounts, credit cards, store cards and overdrafts.

As of the end of February 2012, Credit Action also reported that 104 people a day became unemployed. This means our unemployment rate continues to remain the highest it’s been since 1995.

“A few short months ago we released an Infographic regarding how the recession has affected people around the UK. The Baines & Ernst spokesperson continued.

“The results surrounding unemployment and inflation on everyday essentials were pretty staggering. Even basic items like food or petrol for the family car are just getting harder to afford. We want to help people during these times of financial hardship and set them on the road towards a future free from debt.”

For your chance to win The Baines & Ernst Free Prize Draw, apply online at Facebook or Baines & Ernst.

The Baines & Ernst prize draw is open to everyone in the UK aged 18 and over. The winner will win up to £8,000 to pay off their unsecured debts. *No cash alternative will be offered and all payment will go directly to their creditors. Terms and conditions apply.

Entries will be accepted from 30th May to midnight 3rd July 2012. The prize draw will take place on 6th July and the winner will be notified on 13th July. Good luck!

Continue Reading

Studying Your Financial Blueprint For the Long Term

If you want to get out of debt, you can’t just wish for a debt-free life. Contrary to popular belief, you have to plan for it. You have to want it more than anything else in the world. Think about — what motivates you to want to get out of debt? I sit family? Is it the goals that you have later on down the road?

Either way, you’re going to need to have a good blueprint. A map of where you want to go next. An idea of where you think you should go next. These things aren’t just nice to have — they’re downright necessary, and you have to make sure that you get everything down pat in order to really see success. The last thing that anyone wants to do is find themselves unsure about the road ahead. However, the truth is that very few things in life are actually given to us.

So we need to make sure that we have a good plan that’s going to let us get everything done whether we’re talking about six months from now or even six years from now. That’s the real way to build wealth.

get out of debt

First and foremost, you want to make sure that you’re looking at your debts. Pulling your credit file is something that you should do no matter what. There’s no reason to even think about paying off your debts if you’re not going to take care of thing properly. It would be better to make sure that you look at absolutely everything. Could you need to set up an arrangement to roll all of your debts into one monthly payment? There’s no shame in modifying your debt structure of that you can actually take care of things. It would be better than feeling like you can’t get anything done because you don’t know where to start.

Yet debt is only half of the problem. You see, you also want to make sure that you’re thinking about savings as well. There are a lot of ways to save and invest your money. You will just need to focus on the areas of debt that are going to really make a difference. Sure, you can always just push forward and just pick whatever seems safest. However, if you have specific goals that you know will take time, why not make sure that your money truly grows. Running to the safest option might keep most or all of your money, but it really won’t help you grow your money. That’s why people get frustrated and then they want to change their minds about the whole process of saving.

You will also want to make sure that you take steps to get new lines of credit. Remember that you will be starting over from scratch, so it will be a challenge to get people to see you differently. On paper, you appear as a person that can’t manage money well. So you will need to make sure that you are truly taking care of things before they spin out of control.

There is nothing like seeing your life change, but change can take a while. It’s natural to feel discouraged. Try to focus on the little changes. Are there fewer collection calls? Did you manage to have a certain percentage less in debt than before? That’s all good pieces of information. Keeping a journal that simply talks about your journey can help you when it feels like you’re the only one trying to get out of debt and work your blueprint.

The role of a blueprint is a guide to keep you on target with your goals, but it doesn’t mean that you don’t have any way to change it. If you run into a time where you will need to adjust your blueprint, there’s really nothing wrong with that at all. It’s just a matter of really making sure that you have everything aligned neatly and smartly.

So why not make today that special day where you start working on your financial blueprint? Remember — you don’t have to have all the details right at one time. You just need to make sure that you are getting off to a good start and keeping everything in mind. Start today and good luck out there, wherever you are! You have all of the power and information in the world to make great decisions, so make sure that you get started today for the best life possible!

Continue Reading

Eliminating Your Debt by Way of Debt Consolidation

Nowadays, many people are experiencing a hard life.  Lots of individuals are dealing with low income and also huge debts.  Having a huge debt is a serious problem and there seems to be no way of eliminating it.  What usually are the causes of enormous and continuously increasing debts?  People obtain loans for so many reasons. Some acquire loans so they can purchase a home or car, while others use them for their home improvements or renovations.

However, it seems that there are more people that do not use their brains when obtaining loans, and this is what gets them to trouble.  They end up having debts left and right, and all they want is for this to end.  If you are one of these people struggling hard to get out of debt, the best probable option for you is debt consolidation.

Eliminating Your Debt

There are a lot of debt consolidation companies that offer loans to severely indebted people online.  Aside from the loan they’re offering, they also provide debt counseling and debt management services.  If you are lucky to find a good debt consolidation company, it is certain that you will be able to eliminate all of your debts in no time.

Debt consolidation loans have several benefits, and having low interest rates is basically what stands out the most.  This also gives you a chance to save more for your other needs, such as food and clothing.  In addition, debt consolidation can also help reduce stress.

Debt consolidation has 2 types, namely, the secured and the unsecured loans. A secured loan can be availed if you can present a valuable property like your home or car as your collateral.  By having collateral, the interest rate that will be applied on your loan will be lower as compared to an unsecured loan where you do not have collateral.  Unsecured loans are usually granted to individuals with low credit ratings or bad credit record.  However, even if you have a good credit record, you may still opt for an unsecured loan.

It is not that difficult to obtain a debt consolidation loan because you are not really required to hand over a property, but you may need first to have a great knowledge about it and how to go about the processes involved in it.  This way, you will be successful in freeing yourself from the bondage of debt.

Continue Reading

Yes, Debt Elimination Methods Take Time!

There are themes in personal finance that just won’t go away. Like collection agents that try to call after hours that they know they can’t call. 9pm is usually the threshold, and it unnerves people to find a debt collector is pretty relentless about getting the debt from you.

Debt is hard, and we’re not trying to say that it’s not. However, you have to make sure that you have the right type of perspective to get through your debt elimination plan, and that’s the topic that we wanted to talk about today.

You see, debt elimination methods really do take time. Even though bankruptcy is comparatively fast, the aftereffects of bankruptcy are still difficult to deal with. You don’t want to end up making the wrong choice and finding that you really can’t get anything done at all. You might be tempted by all of those ads online that say that they can wave a magic wand and give you the perfect credit score that you’ve always wanted. However, this really isn’t the case at all. You just need to make sure that you focus on the things that are going to raise your score over time.

Debt consolidation and settlement are two things that can really allow you to raise your credit score over time in a way that’s honest and straightforward. Basically, if you want to settle your debts you’re going to have to negotiate. In the past that meant trying to beat the credit card companies at a game that they’ve practically perfected. However, today is a new day, and that means that there are credit advocates out there that can help you navigate the water so credit in a way that means that you won’t have to worry too much about your own negotiation skills. Credit advocates have done the negotiation dance for a long, long time, which means that they have the expertise necessary to put the creditors and collection agencies back in their place.

Debt Elimination

We understand that companies have a legitimate right to collect payments that they are owed. However, it is the way those debts are collected that we often have problems with. There’s no reason for debt collectors to be as nasty as they end up being, and there’s also no reason for false information to be given out just to collect a debt. There’s a right way and a wrong way to get things done, and when people engage in shady methods to get things done, that’s a definite cause for concern. You don’t want to go through the painstaking process of getting your debts paid, only to see them on your credit report again — this has happened in the past.

That’s why you have to stay on top of things — a credit monitoring service is a smart idea, because it will give you access to your credit report every month. You will also be able to make sure that you have what you need in order to make smarter decisions down the road.

Of course, if you’re going to invest in a credit report monitoring service, there are a few things that you’re going to want to do. The first thing is that you’re going to want to ensure that you have the ability to get all three credit scores from your reports, and you will also want to make sure that you can set alerts. You want to be notified if the monitoring service picks up any suspicious activity, such as a random company putting a hard inquiry on your credit report. Believe it or not, those random inquiries can really hurt your score.

You might be worried about a service that basically pulls your credit score every month, since that would technically be an inquiry. However, the nature of credit is designed to actually cover you in case you want to see your score. It’s called a soft inquiry, and those don’t count against you. It’s the same thing when an employer wants to get a copy of your credit report for employment purposes. That’s a soft inquiry, and it’s not designed to hurt you at all.

What you do need to do from here is decide what debt elimination method you’re going to choose. As we stated before, there are alternatives to bankruptcy. Many non-profit organizations work with you to make sure that you have an understanding of not only what your options are, but the simple realization that you really do have options. We just can’t discount the heavy emotional toll that being in debt takes on you. It can be hard to actually deal with this, which is where other organizations can help. They can at least talk to you about what you’re going through, and even put you in support groups filled with people that have also walked a mile in your shoes — and emerged victorious from the same issues that you’re struggling with.

That touches on an important point here — you don’t have to go through this alone. You can indeed find people that see what you’re going through and that have other resources that they can share. The rise of the Internet has had a remarkably positive effect on the personal finance world. You don’t have to be in a city anymore just to get help with your finances. You can get good information that comes from firsthand experience online – there are plenty of forums that are devoted to the task as well.

Overall, the only person that can decide to clean up your credit…is you. If you’re not ready, you might want to think about what could be making you feel scared and afraid. However, it’s time for a new perspective — debt is costing you a lot more than you might realize at first. Once you realize that you have to change your life in order to get the things that you really want, you’ll find that you have what it takes to take the steps to create the life that you’ve always wanted!

Continue Reading

Consolidate All Your Credit Card Debt

Consolidating credit card debt can actually be a great decision for you. It’s ideal for anyone looking to get a better credit rating for now and for the future. Consolidating has become common practice these days and is a sure way of combining your debts to ensure you don’t get too far down in a hole.

Even though there might be a load of reasons you need to consolidate, one of the best ones if for getting a better rate. If you can get yourself some lower rates with a current consolidation, then you have no reason for consolidating again. Whenever you’re able to do debt consolidation and can save money by doing so, then do it.

Consolidating credit card debt saves a lot of money when done right. If you mismanaged your credit cards you probably racked up a ton in interest. If you have several cards, it’s even worse. That’s when it’s good to consolidate everything into one easy-to-manage bill. It’s far less of a headache to pay one bill than keeping track of several. Much less stress involved.

Credit Card Debt

While consolidation puts all the credit card payments onto one bill, don’t do it just for that one reason. The last thing you’d want is having to pay more just to have one bill per month. It’s a wise investment when you consolidate credit cards though, because many times you can end up with lower monthly payments for a long period of time, and you get to close out some other accounts too. This helps to improve your credit.

When consolidating credit card debt never hesitate calling on professionals for help. Many banks and companies specialize in this kind of thing and are very willing to help. Before you decide though, do a little research on your options. Watch out for hidden fees or any other kinds of problems.

There are so many people who have turned for help with credit card debt consolidation. They just mishandled them. They can be great when used correctly, but a real monster when mishandled. You have to carefully watch how you spend with a credit card. Before you know it, it’s too late.

If you’ve made up your mind to consolidate your credit card debt, then be sure you take a hard look at it and know exactly what you owe. If you know ‘who’ you owe and how much to each one, it will make it easier for you to locate the proper help you need.

Continue Reading