Monday, June 11, 2018

Debt Solutions-Which One Is Right For You?

The debt crisis in the UK (just like in the U.S.) is at an all-time high, and with the average person at around £8000 in debt (not including mortgages), it's practically an epidemic. Did you know?...

As many as 30 percent of children are living in poverty!

It's a sad, but true statistic. And, when you're in debt, it can be hard to know where to turn. With a plethora of different companies promising to "change your life" by eliminating your debts, you're left stuck and confused about who you can trust. So, what steps can you take to get out of this mess?

Check out these debt solutions and options for who you can turn to for trusted help and advice with your debt matters.

Photo by William Iven on Unsplash

What to do When in Debt

It's a little know fact that our credit report can in fact help you with solving your debts. The problem here is that many people shy away from checking theirs due to worries about what they will find AND also the inability to understand the information that's being shared with them. However, over the last decade or so, credit score companies have worked hard on their user experiences, and can now provide you with advice on how to improve your credit score, as well as what's harming it.

Sometimes, it can be something as simple as a late payment on finance you've taken out with finance companies like Littlewoods. Or, companies may not know enough about you to consider you for a loan or mortgage. There's never a better time to look at your credit score and build yourself up from a bad one. Many companies pinpoint precisely what you're doing wrong, and also give you options on how you can resolve these issues. Another bonus: Pretty much all of them offer free trials, so you're able to take a quick glance and improve your credit without having to spend a penny!

The next step you need to take is to get yourself some good old, professional advice on your debt matters. Companies like, the National Debt Advice offer debt solutions for all types of people with all kinds of debt. The process is simple: you tell them who you owe and how much, and they will work out the best way of getting you out of trouble all while keeping in mind how much you can afford to pay back each month too.

What Not to do When it Comes to Debt

One of the biggest mistakes that people make when they're in debt is turning to loan sharks and hoping for the best. While services like these may help with a bit of extra cash until payday, they're not built for managing loans. The problem is, they don't tell you this, and people fall into the trap of thinking they're going to be debt free in a matter of weeks. Not only that, you end up paying back a considerable amount more than you owe due to high interest rates. Trust's not worth the hassle!

So, if you're in debt, make sure to take action sooner rather than later. Companies often add charges for late or missed payments so the sooner you're trying to sort things out the better. Don't ignore debt problems. Face them head on with this advice and you'll find your way to a debt free life sooner than you think!

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