Clear your debt – three simple tips
If you are in debt, and would like to get out – take a look at these three simple tips to help you repay the money you owe:
1. Seek professional debt help
Before doing anything else, you may want to seek professional debt help. The reason you may want to do this first is to make sure you are taking the right path to clearing your debts.
Debt help is available from a variety of places – including over the phone and on the internet. By seeking debt help, you are getting the opinion of a debt professional on your situation.
2. Create a monthly budget
Secondly, you might want to create a monthly budget (if you don’t have one already). Having a monthly budget is an excellent way to help you make sure you are always in full control of your money – and your debts.
Budgeting can be quite a lot easier than you thought: all you need to do is write down all the money you earn each month, followed by all the money you need to spend each month (on your essential costs – such as mortgage/rent payments, food, utility bills, etc.). Now you have these two figures, simply subtract the money you spend from the money you earn. This will leave you with your disposable income – which is basically the money you have available each month to pay towards your unsecured debts (such as credit cards, store cards, overdrafts, etc.), as well as to spend on non-essentials and to save.
You will need to work out if your disposable income is enough to cover the cost of your unsecured debt each month. If it isn’t, you should take immediate action – talk to an expert. However, if it’s more than enough, you could…
3. Use any spare money you have to overpay your debts
If you find that after making payments towards your unsecured debts each month, you are actually left with spare money, you could use this to overpay your debts. So, rather than ‘wasting’ this money on things you don’t actually need, use your spare money to pay more than you are required to each month… which will mean you’ll be debt free sooner!
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