5 Tips to Reduce Debt

Written By Unknown on Friday, April 4, 2014 | 12:05 AM


Personal debt is advancingevery day with more people taking out store cards, credit cards and personal loans. While it can sometimes be quite tempting to take out a credit card to go shopping or on holiday it is often very difficult to make your repayments. If personal debt has become a problem for you here are a few tips to reduce debt that can be of use to you and can help you to play your debt much faster:

* Try to speak to your creditors and see if you can arrange low monthly payment - often if you have not been making regular payments is always an option and you could be further penalized for missing payments.

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* Consider consolidating all of your outstanding debt by taking out a personal loan - once again if you have a large amount of outstanding debt and your credit rating is poor you are unlikely to be eligible for another personal loan.

* Think about making larger repayments to your creditors each month - this could be a problem if you are ready financially stretched and are not able to make your monthly repayments.

* Speak to a debt counsellor who might be able to give you good advice on how to reduce debt, there are plenty of these available on the Internet or through speaking to the Citizen's Advice Bureau or other debt counselling services.

* Consider taking out an IVA which can help you to be debt free within five years or less in which can help you to establish yourself financially and start to rebuild your credit rating once your IVA has been paid off. These are just a few of the ways in which you can start to reduce debt and start to live free from the stress and strain that debt can bring to you.

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Author : Unknown ~credit card for people with bad credit

Blog, Updated at: 12:05 AM

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