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Debt Consolidation Advice
Table of Contents
1. Introduction to Debt
2. Short Term Debt Problems
3. Long Term Debt Problems
4. Why is My Credit Score so Low?
5. How to Steer Clear of Debt
6. Removing a County Court Judgement (CCJ)
7. Expenditure Check List
Introduction to Debt
There are many reasons why we get into debt, sometimes it just
creeps up on us and other times you just take on too much! One of
the main reasons most people are in debt today is due to the rise in
the housing market and the fact that it is so easy to obtain credit.
Take credit cards for instance, they lead you into a false sense of
security whereby they offer you a 0 interest rate over a period of
three, six and sometimes even twelve months, then when the 0
interest period is finished they hit you with the standard credit card
rate, which can be anywhere between 10 20
Using your credit card and paying the minimum off every month can
only spell disaster. Paying the minimum payment hardly ever
decreases the amount you have paid off the balance? This is due to
the amount of interest charged to the card after the payment is
made. Also if you keep on spending, you will soon find yourself with
a huge bill, a huge minimum payment and a huge amount of
interest every month.
The same applies to the high street store card? These cards work
almost the same as a credit card but after the initial welcome period
or special offer, the interest rockets and you find yourself with an
unmanageable bill.
When you eventually realize that your debt is getting away from
you, and managing your bills is not as easy as it used to be. You
turn to the bank for a loan, or get another credit card to pay off the
old card. At this point, we see who is on a downward spiral and who
is not? The sensible ones among us will consolidate all debt and
take loosing control of debt a lesson learned. The not so sensible
ones will consolidate, and then revert back to using their cards once
more, thus doubling their current debt to out of control proportions.
Next you will find some question and answers to debt related
problems:
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