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If you are in debt, here’s how you could overcome you problem

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Debt can be a very big problem and an indicator of a bigger financial crisis. It is usually burdensome since you have to use the money you get now to pay the debts that you incurred long ago, and the interest that go with it always make it more expensive. Overcoming this heavy burden seems impossible for some individuals; however, the truth is that it is quite simple. It only needs time, patience and discipline.debt

List Everything You Spend

Come up with a list of the things you spend in one month. Review the list during end month. You will possibly find many items that you can easily remove from your spending.

Pay As Much As You Can

Start with those that have highest interest rates. These usually cost you more cash and often carry heavy fines for late payments, hence the sooner you pay off the better. You can even consider making use of some of your savings or investments to pay a little or all your debt, especially if you are dealing with a high interest rate.

Pay More Than The Minimum

Minimum payment only covers the interest. You will start to clear the balance faster if you pay more than the minimum.


Lack of savings plan is among the reasons people get into this trouble. To have savings for the emergencies enables you to avoid this burden when unexpected like medical procedure or surprise car repair happen. If you can use your savings rather than your credit card, you will be able to avoid this problem.

Live On Less Income Than You Earn

Credit usually makes it simple to spend more money than you earn. You should be discipline and avoid spending funds that is not truly yours. See credit card just as a loan. Do not see it as money in the bank. Always use it mainly for emergencies, not to purchase items for which you will not be able to pay.

For consolidation loans try discussing with them the best way forward so you dont get into further debt

Has rising unemployment in the UK lead to increase in personal debt?

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Over the few years that have seen a steady rise in unemployment in the UK, we have seen with that, a rise in people struggling with debt. The United Kingdom at one stage was thriving, but as happened in the past, the UK fell into a period of recession that saw the united Kingdom’s economy started to struggle, affecting everything from the stock exchange, industry and the jobs market.personal debt

The trouble is, when the economy is going well and businesses are thriving, there are always plenty of jobs for people. At times like this credit can be easy to get as the banks are more than happy to lend to businesses and individual customers alike. In fact the banks in the United Kingdom made it too easy to borrow money and this lead people to get into debt by borrowing beyond their means. When the economy started to decline it sent up interest rates, so people suddenly found that their borrowing was getting more expensive every month.

That is the trouble when an economy suddenly goes into decline after a spell of prosperity, is that people will suffer and that is what happened in the United Kingdom. This lead to a rise in unemployment in the UK and obviously this lead to a rise in people struggling with personal debt. Many people borrowed excessively when times were good with mortgages, car loans and personal loans and if they suddenly lose their job then there is going to be problems and they are going to end up in debt.

The rise in unemployment in the UK and the increase in people in debt has seen many more people turning to debt charities and companies that offer debt management and advice. The worst case scenario is that can be forced to sell or even lose their homes due to bankruptcy.