10 Ways to Get and Keep Debt Out of Your Life! What is the Eleventh way?
April 30, 2009 by
Filed under Bankruptcy, Debt, Debt Elimination, Debt Managment Plans, IVA, Wipe Out Debt
Keep Debt Out of Your Life
- Pay off your highest interest debt first. If you have a car loan that has a higher total of money owed to it that your credit cards, throw more of your monthly income at that first. Chances are it is a multi-year loan with a higher interest rate than your credit cards. And if you can pay that off sooner than is scheduled by paying more money towards the principal, you have a good chance of saving a lot of money that would have otherwise gone to paying interest on that loan.
- Keep your credit card debt at a consistent level. This will require you to use your credit card less than you may be accustomed to, but it is a sound way to handle not building up more debt while eliminating debt in another area of your finances.
- Use cash instead of credit cards. Budget in a certain amount of cash to be spent per week, and try not take withdraw more cash than that per week. By breaking it down into a weekly budget and only allowing yourself a minimal amount, you’re more likely to stick to your cash budget and not overspend.
- Cut back on the vices. Whether its cigarettes or coffee, cut down and see how much you’ll save.
- Put aside your spare change. You’d be surprised at the end of the year at how much that spare change will add up to.
- Eliminate some of the expenses you already have. It might be a luxury that you enjoy but if you can do without it that money can be reallocated towards something more beneficial.
- Don’t buy something unless you need it. It’s amazing how much money we spend on frivolous materials that are either hardly used or that we don’t even use at all.
- Watch your energy bills. Using less electricity and gas can add up to a large amount of money saved over the course of the year.
- Set up a weekly budget, a monthly budget and an annual budget. Be certain to check it often and see if you are staying on course. This is a way to hold yourself accountable and is likely to help you stick to your financial plan.
- Be smart, control your impulses and make wise financial choices. They will pay off.
That is ten but what about number eleven? Read on.
If you have credit agreements taken out before April 2007 there is a new unenforceable credit agreement claim which is becoming more and more known about here in the UK. It is possible to have your credit finance agreements –agreements such as credit cards, store cards, secured and unsecured loans, car finance agreements, and those with payment protection insurance ( PPI) ‘audited’. They may not comply with the terms of the 1974 Consumer Credit Act and if they do not they are unenforceable credit agreements. This means you can claim to have them written off. That is the balance completely cleared. For NO FEES a solicitor with handle your claim. This is on a no-win-no-fee basis so it is risk free.