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Tips for Debt Management
January 12th, 2012 | 
Author: The UK is going through a period of austerity drive the like of which we have rarely seen before. Faced with a national debt of billions the Government is launching cuts in the public spending which will result in the loss of thousands of jobs in the public sector, with further unemployment in related businesses in the private sector.
The UK has the highest level of personal debt in Europe; credit cards, store cards, loans, mortgage arrears all create a cocktail of depression, despair, fear, and hopelessness, which leave those affected feeling trapped in a cycle of poverty and hopelessness from which there seems no escape.
If you find you find yourself in debt you will now have to make some tough choices:
1. Do you have a debt reduction plan?
You need to have a plan for getting out of debt. The reason for this is that most people struggle with trying to pay off a number of debts all at once and simply get nowhere, almost like a revolving door. This simply compounds the problem.
So here is some advice for your plan:
• List your debts in a schedule including your mortgage, credit cards, loans and overdrafts, credit zone, hire purchase and any other financial liability.
• Prioritize your debts by firstly identifying those which failure to pay may result in you losing your home or going to jail; Council Tax, Income Tax, and your Mortgage are your most important debts and must be your number one priority for payment come what may.
• Secondly, failure to pay utility bills such electricity and gas (but not water) will result in loss of service so these are the next priority.
• Debts such as credit cards, overdrafts, store cards and loans are also important, as failure to pay these can damage your credit rating but they are not important as those above. Do not therefore be intimidated by threats of legal action from credit card or loan companies, stick to your plan.
2. What can you do without or reduce?
To clear your debt you may need to undergo a period of austerity where you set about reducing your spending, and refining your budget so you look at your spending and see where you can make cut backs. Sky TV, eating out, foreign holidays may all have to be sacrificed in the short term to help you get out of trouble.
3. What can you sell?
Do you have things you do not need which could be a potential source of income? There is an ever increasing market for the disposal of unwanted items which can raise additional income. eBay, car boot sales, and the classified sections in the local papers are a few of the ways you can sell unwanted goods. Make a list of all your assets and get selling.
You may think that such an exercise is a waste of time, however, the reality is that any money you can raise, no matter how small, that you can put towards tackling your debt is worth it.
4. Can you find a secondary income?
You may need to seek short-term additional employment to supplement your income. The recent growth in the areas of network marketing and internet businesses provide a host of opportunities for secondary income. There are also the more obvious routes to getting a secondary income such as overtime, a second or part time job or letting a room in your home; do not rule anything out.
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Debt Management Plans
Before delving on what a debt management plan can do for you as an individual or as a business, it will be good to decide its scope. It is a misconception among many people that debt management plans can only be used for eliminating the existing mound of debts. Nevertheless, debt management plans have an extended scope. As the name suggests, debt management plans may be used with advantage to manage the debts to a particular level. It must be acknowledged that a proper management of debts makes debt consolidation and other methods employed to fight the menace of debts superfluous. Prevention is better than cure. Most of us repeat the adage incessantly. It will be through debt management plans that one can really develop the habits in ones life and dealings.
However, the role played by debt management plans in working with the debts already incurred may not be discounted. Many people owe their financial survival to the debt consolidation loans that helped them counter bankruptcy and other debt related problems.
The various debt management plans that come in this category are as follows:
o Debt consolidation loans
The most conventional method of dealing with debts is debt consolidation loans. Debt consolidation loan is essentially meant to arrange easy finance for clearing the mound of debts. A single loan is drawn after consolidating the various debts. One aspect that distinguishes debt consolidation loan from other loans is that the borrower gets help and guidance from the debt consolidation loan provider in the settlement of debts. Expert negotiation skills and a proficiency in debt settlement recommend the services of the debt consolidation loan provider in this regard.
o Debt consolidation mortgage
Debt consolidation mortgage constitutes a major part of the debt management plans. A debt consolidation mortgage is basically a second mortgage. In this method, the borrower requests the mortgagee who holds the first mortgage to the home to repay his debts. In exchange, the borrower includes the debts while making the monthly repayments. The advantage of the debt management
plan is that finance is available for debt consolidation at rates equivalent to a mortgage, i.e. at cheap rate of interest.
o Debt consolidation through remortgage
While debt consolidation mortgage entails dealing with the same mortgage lender, debt consolidation through remortgage involves shifting to a mortgage lender who offers a better rate of interest. In this debt management plan, the borrower or the mortgagor requests the new mortgage lender to include several debts along with the unpaid amount on the original mortgage for disbursement. Again, this will help the borrower get cheaper finance for debt consolidation at the rates of a mortgage.
o Debt consolidation through credit cards
Credit card as a debt management plan will be especially useful when the debtor wants a quicker settlement of debts. As in loans and mortgages, a credit card user need not wait for the debt management plan to be approved and sanctioned. Another advantage of credit cards as a debt management plan is that borrower is not required to pledge any of his/ her assets to back the loan. This can however be too expensive for the credit card user.
o Debt consolidation through home equity loans
Home equity loan is a secured loan taken against the equity in ones home. Home equity loans put a convenient method of debt settlement. A home equity loan is a multi-purpose loan that can be used with equal advantage whether in a debt management plan or for making home improvements. Since home equity loan is secured, it provides cheaper finance. However, the borrower needs to be regular in making repayments to protect his house from repossession.
o Debt consolidation through debt settlement
This form of debt management plan involves associating with a debt settlement company. The debt settlement company undertakes to repay the debts while the debtor repays the amount through small monthly instalments to the debt settlement company.
As discussed above, the preventive methods are equally important tactics employed to avert the occurrence of debts. Debt counselling aims to impart debt management training to individuals as well as businesses. People are taught the manner in which to manage their revenues. Many of the tips provided as a part of the debt counselling techniques are time worn. The aim of debt counselling is not to recall these techniques, but to help people through innovative ways and means to employ these techniques in their life.
The defensive debt management plans having repaid the debts, do not give sufficient guarantee of the menace of debts not raising its head again. There is a need to end the cycle of the debts, and the preventive part of debt management plans will be especially helpful on this count.
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Find the easiest method to Control Together with your Debts
There are lots of ways by which to control your financial troubles and loan consolidation matters; through holding lower spending through changing investing habits, to maintaining specific tabs on what is out verses what is available in. This not just keeps your own spending information in advance but lets your family know where you stand throughout the actual month.
Another method to control debt is always to make a summary of all expenditures so you would know wherever the money is certainly going. From the automobile note towards the payment in your flat, the shear proven fact that tracking is happening helps in order to limit exactly where funds proceed. If you aren’t so proficient at organizing as well as planning what must be paid whenever and where you will find tools available on the web such because personal financial management resources that monitor your investing habits, alert a person when bills have to be paid so when you’re running from money. They are extremely simple to use and can be quite helpful whenever managing the money you owe.
With financial debt and consolidation you will find options that may be considered. The very first option is always to consult an expert about the way you spend your hard earned money. This implies that debt as well as consolidation could be managed along with help through someone that knows more about this. A financial debt and loan consolidation professional may gather information that will help save money moving forward, only spend what’s absolutely essential to spend but still have a great life.
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