Monday, 9 December 2013

A Few Handy Ways to Fight Debt

The British economy is finally recovering. The nation has endured a double dip recession and all indicators suggest Britain is finally coming out of it. It’s been a tough few years for the majority of people in this country. Belts have had to be tightened. Stricter budgets have had to be drawn up and be meticulously stuck to. Savings have had to be made anywhere possible. Everybody’s managed to weather the storm and make it through. However in times like these, debt can sometimes be unavoidable. It’s something that a lot of us have had to deal with in this country over the past few years.

Even when the economy is recovering, personal debt can seem insurmountable. It really isn’t though. There are ways and means to deal with everything. At AK Management we know a few great ways you can deal with your debt. Just read this list and decide which method is best for you and your debt and take it from there.

Draw up a Budget: Sometimes the best way to deal with something is the simplest way. You’d be surprised how much you might spend unnecessarily in a month. This is money that you could quite easily be putting towards your debt. Draw up a budget but make sure that it’s a realistic budget that you can actually live by. Then make sure you stick to it, you’ll find yourself freeing up extra cash you can put towards your debts.

Debt Consolidation Loan: If you have more than one loan and it’s the interest of your loans that’s running up your debt bill, then there is a way to deal with it. Why not try a debt consolidation loan? This is a loan that pays off all your other loans, this way you only have one monthly repayment. The best bit is that these loans usually come with a low interest rate. This frees you from the burden of high interest rates and frees up more cash to pay off the actual debt.

Negotiate: Sometimes it’s really is simple as calling the debtor and negotiating the payment. At the end of the day they don’t want you to default on your payment, they want the money to be repaid. They might be willing to accept a lesser payment in certain circumstances. It’s worth a try.

Debt Management Plan: This is an extension of negotiation. Why not try ringing a debt management company? They will go through your expenses with you and draw up a plan of how much you can save and put towards the debt. You can then submit this plan to the debtor. The debtor has the right to refuse the plan but if it seems reasonable they’re likely to accept it. 

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