Resolving Money Worries: What You Need to Do


Financial hardship can be one of the biggest struggles that the average person faces in life – and there are countless situations that can result in it. Perhaps you were never taught money management skills and ended up slipping into debt when incorrectly organising your finances. Maybe you’ve faced a huge and unexpected bill, such as medical bills, veterinary bills or a huge car repair bill. You might have commitments and responsibilities that outweigh your income. The list goes on. What’s important to remember is that if you are experiencing debt, you are far from alone. The vast majority have or will face debt in their life time and the good news is that many people do manage to get out of it. Here are some tips that can help you to achieve this goal.

Seek Professional Advice

If you’re in a lot of debt and you’re finding that you’re struggling to clear it, or feel you may be unable to clear it, you can reach out for professional advice. There are services that offer free debt advice or companies who specialize in certain areas of debt, such as IVA Advice. These professionals will be able to take a thorough and comprehensive look at your finances and give you tailored guidance to help alleviate your debt and set you on a path to financial freedom.

Consolidate Debts

If you owe money to more than one lender, it can become easy to miss payments or forget debts, resulting in accrued interest, charges, fees and more. By consolidating your debts – gathering them all together in one place – management becomes a lot more simple and straight forward. The most common way to consolidate debts is to take out one loan for the total value of your debt, then using this loan to pay off all of your individual debts. Sure, you will still owe the same total of money, but you will only have to make one monthly payment to one source, which is much easier to keep track of. Make sure that you use a loan that has a low interest. Make sure to avoid pay day loans with high interest rates at all costs.

Balance Transfer

Do you have outstanding credit card debt? You may be eligible for interest free balance transfer offers with other credit card providers. This will see you transfer your debt from one credit card to another. The benefit is that the new card provider will give you an interest free period where you won’t be charged any interest on your debt. This can give you time to chip away at the balance, without your money being used to contribute to accrued interest. Look for the best offers with the longest interest free period. Make sure to check the fee for completing the transfer. Most services will apply a percentage based on the amount you plan to transfer.

These are just a few steps that can really help you to get on top of your debt. Each step can make all the difference, so try out those that seem relevant to you!

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Written by themoneyshed

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