How to reduce your debt in 2008
How To Reduce Your Debt In 2008
By Steve Hill
A new year is once again upon us which gives up the perfect opportunity to think about how to improve our lives. A new year, a new start. Debt will be a major thinking point for many families, especially after the expensive Christmas period. The attitude of pay now buy later has never been so apparent. In this article I will be giving advice as to how to reduce this debt which can eventually lead to a debt free life.
The credit crunch of 2007 led to many mortgage lenders and loan companies tightening up their criteria. It is now so much harder to get credit as these lenders seek to only take new business from clients who are whiter that white and therefore very likely to be able to pay back the money.
For people who have relied on just taking on a new loan or credit card, transfering their debt from one company to another, the rules have changed. This basically is becoming much harder to achieve. With higher levels of interest rates compared with just a couple of years ago, now is the time to find a solution to this debt problem before it becomes out of control.
The best way to reduce debt is to make over payments, where possible, on the repayments. So many people just make the minimum payment, which is of course better than making no payment at all, but does not help in reducing or eradicating the debt.
To help in making these over payments we need to gain additional disposable income, this is the amount of money we have left over when we deduct the amount of money we spend each week from the amount of money we earn. There are a number of ways that we can do this:
Quitting smoking Working overtime or additional hours at work< Obtain a second job/income Stop gambling Cut down on the food bill, possibly by ordering less take aways
These are just five examples of many.
It may seem hard and at times impossible however there has been no better time to attempt to cut your debts.
Steve Hill is a webmaster from Birmingham, he has interests in a number of websites including:
stuttering
advice on how to reduce debt
specialist debt reduction advice
Article Source: http://EzineArticles.com/?expert=Steve_Hill
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Article Source: Messaggiamo.Com
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