If you are in debt with unsecured loans such as credit card, loans, store cards or home shopping catalogues and fear adding to them over Christmas is going to be the last straw then you may wish to consider seeking the advice of a debt management team.
Billions of pounds are spent each year during the run up to Xmas and many struggle throughout the year to repay their debts,. Many also fail and the debt just keeps going around and around from one year to the next.
A debt management team may be able to suggest ways of you being able to become debt free. For instance you may wish to consider a consolidation loan. This means you add up all of your existing unsecured debt and take out one loan to pay all your creditors off. If you can take out a consolidation loan with a loan rate of interest and spread it out over so many years, you may be able to save on the monthly repayment. This will give you time to get back on your feet again and providing you keep up with the repayments you will become debt free. Of course it may be tempting to start credit all over again on your credit card so you may wish to cut up that card to avoid temptation.
Depending on the amount of debt you owe your debt management team may suggest you enter into a debt management plan or an IVA. Both of these will allow you to repay your debts over a certain time. However when considering these it is essential to get debt advice beforehand.
No comments:
Post a Comment