Finding a way out of your debts

General advice and tips to help you escape the clutches of debts

13:45 31 October 2013

The rate at which people acquire debts in recent years has been on the high. The dwindling economy in recent years is the main reason for their problems. Actually, most debtors in a bid to get the debt of their shoulders, contact many financial advisers but to no avail.

A debt management plan might just be what they need. With DMPs, debtors can find a way out of their debts without borrowing any more money. With DMPs in place, debtors stand a chance of seeing all their interests and extra charges being frozen, while they work out the fraction of money from their extra monthly cash which they can conveniently repay their lenders.

Apart from using DMPs, debtors have resulted to payday loans in order to settle their rents or mortgages as seen from research statistics in the year 2012. With the rate at which people are affected by debts, the economy continues to crumble as families continue to struggle in the year 2013.

Families struggling can make do with the following tips to see how they can get back to living a debt free life.

• Go through your incomes and expenditures in order to find those irrelevant items which you are paying for. If the items have no significant impact in your life, cut them off.

 

• Feel free to contact your mortgage lender to know how they can help you out if you find yourself struggling to pay the month’s mortgage.

 

• Visit your local Citizens Advice Bureau at will in order to get tips and advice on the best way of repaying the loan.