Getting into debt is much simpler than getting out of debt. With the state
of the economy today, more and more people are depending on credit cards to get
by. This is a huge mistake. People end up deep in debt and find it difficult to
even make the minimum payments on their credit cards. Thousands of people have
to file bankruptcy because they can no longer handle their debts. Credit cards
are the leading cause of bankruptcies in the UK. In the US credit cards come
second only to medical debt. Credit cards can be useful especially in an
emergency. Unfortunately we tend to overuse them when we could have used cash
If you have found that you can no longer keep up with your debts you may want to try approaching reputable debt consolidators. There are a few choices you can make in the UK besides bankruptcy. You can try an IVA, debt management plan or debt consolidation loan. Use the internet to learn all about your options and then you can make a decision as to which method will work best for you. Of course the best method of debt management is to not get into debt. Only use credit cards for emergencies. Pay with cash and you will not end up in debt.
An IVA or individual voluntary arrangement is a binding contract that is made between you and your creditors. A vote will be taken in which 75% of creditors for the money you owe must agree to the arrangement. Once it is voted in all the creditors must go along with it. They will no longer call and harass you. You must owe at least 15,000 pounds to take advantage of an IVA and you must owe money to more than one creditor. You will make one low monthly payment for about five years. At the end of the term you will be debt free.
Any UK debt company can set up a debt management plan, which will work for people who owe less than 15,000 pounds. You use a debt advisor to go between you and your creditors. The management company will talk to your creditors and get the interest lowered or even frozen on your credit cards. There is the possibility that not all the creditors will agree to the plan. This is not binding like an IVA; therefore creditors do not have to participate. By getting late fees waived and the interest rates reduced you will be able to get an affordable payment.
Debt consolidation loans are loans that are used to pay off all of your unsecured debts. These could be store cards, credit cards and bank loans. A debt consolidation loan has a very low interest rate so your payments will be very affordable for you. The reason consolidation loans have such low interest is due to the fact they use some form of security for the loan. In many cases that security will be your home. As long as your job is secure you should run into no problems with this type of loan. You will no longer owe high interest credit card payments. Instead you will have one low monthly payment each month.
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