A debt-free lifestyle is easier to attain than you think

Living a debt-free life

14:21 23 October 2014

It seems that no one can escape the spiralling cost of everything - energy prices, cost of food, clothes, and shelter, among others.  Unfortunately, as the cost of living continues to shoot up, wages and employee benefits are on the downward trend.

 

British nationals are finding it harder and harder to make both ends meet.  How, do we cope with this condition and maintain a quality of life that provides for the basic needs plus a little leeway for emergencies or minimum luxury.

 

People are struggling to keep their credit history pristine by paying their mortgage and loans on time.  However, middle to low-income families are in a quandary over what to give higher priority to – paying financial obligations or using whatever money is on hand to have basic necessities and for bills payment.  This dilemma is clearly documented by Transact- a group of debt and financial institutions numbering to more than a thousand- as there is a noticeable increase in calls received from middle class households for financial needs even as early as 2010 whereas this was almost exclusively a problem of low-income families before.

 

The ever-increasing cost of fuel and utilities, mortgage refinancing and the cost of food and other household necessities have affected thousands of households all over the country.   Transact says that even teachers, banking and service industry workers, as well as policemen are now feeling the effects as they strive to pay their mortgages, credit card debts, secured and unsecured loans, among others. 

 

You might have one or two small loans or a loan that is quite substantial that gives you sleepless nights.  Regardless, you have to have to be resolute in your decision to get rid of your debt and stop creating new loans for good.  We hope this series of articles can help you get out of debt and have a shot at having a better financial future.