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detailed information on financial problems and companies online who can
not alone, consumer debt is increasing. There are a number of
actions you can take to get back in control of your finances.
either tackle the debt yourself or use one of the ever increasing debt
management companies that have now turned into a major industry over
the last few years.
basic principle is the same whether you deal with the debt yourself or
use a debt management company. The first thing you need to do is
take stock of where you are now. Work out how much you payout
and how much you earn monthly. Include all your normal living
expenditure as well as your credit cards, store cards, loans, car
finance and debt.
you have done this debt calculation you will be able to decide on a
best course of action. There are three popular ways in which to
deal with your debt.
you could apply for a debt consolidation loan allowing you to borrow
enough money to consolidate all your current debt into one loan.
This allows you to have only one monthly repayment to make, you could
also benefit from a lower interest rate as larger loans attract lower
rates. You can often take the loan over a much longer period making
the monthly payments much smaller. Be aware that this also means
you could pay more interest.
if consolidating is not an option you can contact all the people you
are currently in debt with and ask for special terms. To do this
you can visit your loacal citizens advice bureau where you can obtain
a pack that helps you accomplish this.
if writing to all those companies and negotiating with them sounds a
little scary there are debt management companies who will carry out
all this work for you. These companies earn their income by
charging you a fee for doing the work, which is normally paid
monthly. Once they have negotiated with all your creditors they
will arrive at a monthly repayment figure which the will add an
administration fee too. You pay them an agreed monthly amount
and from this they take this fee and pay all your creditors the agreed
around debt management companies are businesses and their rates do
vary. Cheapest does not always mean best, ask for references or
recommendations from happy clients who have used the companies