Easy Debt Relief!

When you are buried in debt, it may seem like there is no way out. However, that’s far from the case. There are many ways you can dig yourself out of debt.

The first thing to do is to assess your budget situation. How much do you earn and how much do you spend? Look for ways to spend less and cut items from your budget that aren’t necessary. For example, you might be spending too much on cable TV, internet service, food or insurance. If you can cut these costs, you have more money to put toward your debt.

If you have a lot of debt, make sure you are dedicating every extra dollar you have toward paying it off. If you get a bonus or a raise at work, dedicate most, if not all, of that money toward paying off debt.

You also want to make sure you aren’t paying more toward your debt than you should be. Make

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Debt consolidation has always been a very popular way of paying back debt in a more cost effective and simpler way.

For many years Debt Consolidation entailed taking out a loan to pay off existing debts and re taking control of your finances. Since the recession started in 2008 the ability for people to obtain large amounts of credit for debt consolidation has reduced and has left many people facing a nightmare of over commitment and being unable to live a life they were previously accustomed too.

In consolidating debts you are combining all of you existing debts and monthly commitments into one more affordable and easier to manage monthly payment. The main reason that people choose to consolidate debts is to rid themselves of numerous interest rates spread across loans, credit cards and store cards.

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The rising cost of essentials such as fuel and food has contributed to a 48 per cent increase in the level of personal debt, according to the latest Aviva Family Finances Report.

The average British family now owes around £7,944 in unsecured borrowing, compared with £5,360 a year ago, despite a 7 per cent increase in a typical family’s monthly net income to £2,066 over the past year.

To make matters worse, income has fallen for some groups, with divorced, separated and widowed parents suffering a 22% drop in income between January 2011 and January 2012.

Aviva’s research also highlighted a substantial decline in families’ ability to save, with the number of families saving nothing each month increasing to 42% over the past year.

Many of those families still managing to save have cut down, with the average amount saved by households each month falling from £22 in January 2011 to £21 this year.

De

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ClearDebts Andrew Smith responds to comments made by ITNs Chris Choi on Britains Growing Debt Burden and gives his thoughts on why the fee vs free debt advice debate isn’t black and white.

There has been a lot of coverage, in the last day or so of a report on payday loans and debt management by a committee of MPs (the House of Commons Select Committee on Business Innovation and Skills). ITNs Consumer Editor, Chris Choi, was one of the journalists that wrote a blog on this.

Possibly unfairly, Ive singled him out because I think the MPs report has already been overtaken by events and because I believe the medias usual conclusion that free advice on debt is good advice is often not the case and that the fee-charging debt industry is not as high risk as we are portrayed. At

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Seven in ten UK adults are in debt but many are choosing to ignore the problem instead of seeking help before it gets out of hand.

Research by The Co-operative Bank found that 29 per cent of people refuse to confront their debt problems.

Many do not admit that they are in debt until borrowing on credit cards, overdrafts and loans reaches £1,247, on average.

According to the bank, these people are suffering from ‘DRIP syndrome’, because they Deny they are in debt, Rationalise the reasons for being in debt, Ignore their debt and Postpone dealing with it.

Worryingly the research found that some people resort to gambling or pay day loans in an attempt to get out of debt.

The research also found that 50 per cent of people in the UK have fallen further into debt in the past year, by £325 on average, due to the rising cost of living, including energy and fuel.

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