Looking to get out of debt ? feeling overwhelmed by all the letters from your bank , the spiralling cost of interest and ever increasing repayment demands ? if you are one of the many thousands currently trying to get out of debt , finance-newzz.blogspot.com has ten top tips to help get you get out of debt and get your finances in order .......
don't ignore the situation
facing up to have a debt problem and making a commitment to get out of debt is probably one of the smartest things you'll ever do .
write down exactly how much you owe to whom - get it all of your chest !
add in the monthly repayments and then work out how much you need to pay each month essentials such as the mortgage , utility bills and foods.
what you've got left after paying for essentials will be how much you can afford to pay off each month on your remaining debts .
prioritise your debits
you need to tackle your most pressing debts first - these are the onces that carry harshest penalties for default . for example missing your mortgage payments could lead to your home being repossessed .
the serverity of missing repayments of the debt should help you work out which ones needs to be settled first after paying for your monthly essentials .
lower on your list of priorities should be credit and store cards , bank overdrafts and hire purchase , but that does'nt mean you can just ignore them .
it's good to talk
if you can't efford to make repayments for all your debts don't worry ! it's not the end of the world . get in touch with your creditors and explain your situation .
you won't be the only customer having problems with making repayments and many lenders have dedicated teams to help arrange a personal repayment plan for you .
remember - lenders will often be open to negotiation , as they prefer to get some smaller regular payments from you rather then nothing at all .
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