How to get out of debt.

Viewing 7 replies - 1 through 7 (of 7 total)
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  • #49880 Reply
    Trev

    Step 11 – Buy a lotto ticket lol

    #49882 Reply
    Brydo

    Ha ha Trev if only it was that easy.

    #50175 Reply
    lightbodyae55
    Participant

    Hi Brydo

    Best way to keep out of debt is don’t get into debt in the first place.

    Being in debt can make you depressed, lose your dignity, loose friends and family, loose relationships, and ruin your health. I know this from experience, The way I found to help was to go to the local council and ask to see a debt councilor, who went through all our  debts, income and expenditure, and suggested a way of resolving our position.

    Best way is not to have any loans, credit cards, just use cash and if you do not have the money then save up for the item or do without.

    lightbodyae55

     

    #50182 Reply
    Trev
    Participant

    Very wise words from a young head there lightbodyae55,

    I think it’s quite normal to learn the hard way, one of life’s lessons, after a very long rough patch i now have no credit card, catalogue, or loans.

    I have 3 x current accounts, 1 x for bills, 1 x for everyday expenses, and 1 x is for overseas spend (as this has zero fees), and a savings account…. all joint accounts with the wife so we sing off the same hymn sheet with no surprises. It may seem overkill, but it keeps us disciplined.


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    #50233 Reply
    lightbodyae55
    Participant

    Hi Trev

    Thanks for the compliment (young head) born 1958 just turned 60, don’t feel young.

    We have a similar set up, however we just have two accounts, one for everyday use, and one that is for holiday use, which has a debit card that has to be topped up and cannot be overspent on.

    lightbodyae55

    #50237 Reply
    Brydo

    Guys never been in debt for the last ten years when i paid off the mortgage but i know lots of people do get themselves in trouble so thought i would post the details above.

    Only have one current account, the wife has her own, i have always been pretty good with money and could never really understand how people could overspend, but over the years i have seen a lot of friends get into bother and it was really/too easy.

    #50347 Reply
    lightbodyae55
    Participant

    Hi Brydo

    It is easy to get into debt, with banks, credit card companies and any other financial institute that wants to show how easy it is to give you money even though you cannot afford it.

    You think ok i can pay x amount per month back, not thinking that the interest rate will actually mean that you will never pay off a large credit card debt, also when your income reduces for whatever reason, your payments to your debts will still be the same, so another problem, still have to  find the payment with less income, when you get to a stage that you have more debt payments than income then it is time to sort out your debt problems.

    There are a number of agencies that can help people with this problem, the main thing is the first step to ask for help, once that happens it can then take a lot of stress off your sholders, and then let you get on with life.

    lightbodyae55

     

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