Living Life In the Fast Lane

Debt Advice - Surving debt! How Im planning to reduce my debts while enjoying life to the full

2009-11-17T11:43:00.000-08:00

Many people including myself are suffering from the effects of debt. You name it there is a debt out there for it. Credit card debt,loans,mortgages and store card debt. I believe its all got a little bit out of control for the average person.

Just recently graduated university with a major in computer science and have student loans up to my eyes! That is very nice to be burdened with debt before even making a cent working professionally.

The funny thing is that in this recession there is no help for people to be able to reduce their outgoings. the high price and cost of living is making it harder for people to stay out of debt.

Although most credit card companies have recently this year reduced the amount of debt that you can mount up by withdrawing credit facilities. I wonder how this is helping reduce consumers debt situation. More people than ever will have a bad credit history due to this recession.

Especially seeing that there are new credit card companies offering credit cards to people with bad credit history with interest rates up to 50%. This is absolutely horrible. When people dont have a choice and they need money they will do anything to survive.

Many of my credit cards with large limits have been overnight reduced to 1/10th of the limit. although I have an impeccable credit score always paying my bills on time.

The recession is picking up as they say however are our credit card loans and mortgage debts in the process of seeing a better day!

Here's a few tips for reducing your debt

Plan,plan and plan to budget wisely - so that you wont go over your monthly budget
Cut out those extra special can live without money wasting activities.
Consolidate your debts - shop around make sure you get the best deal with the right debt consolidation company
Credit card debt solution companies can help you to come up with a plan to forecast future payments if you are in arrears with your current payments.

There are excellent deals everywhere so by cutting corners you can maintain the debt situation until you can find a way to consolidate debt that is rising everyday. Debt management companies are not always the best helpers. The debt sadly wont go away it has to be paid off.

Debt Reduction Eperiment - Debt Free Me

2009-11-15T13:07:00.000-08:00

I'm on a mission to reduce my debt next year. All those credit cards have to go. After all when you have them around there is always the feeling I will pay it off later. Pleasure first pay later is one of the reasons why we as a society are in so much financial trouble.

Pain first and pleasure will naturally come later. When you are locked into a debt reduction program its hard to think of anything else. Debt, debt debt is a never ending cycle living hand to mouth and from paycheck to paycheck.

If you have outstanding loans then sadly consolidating the loans further wont do any good. A good credit counselor will be able to advise you on your options. Debt is a horrible thing to have to deal with sadly there is no escape from the beast.

If I were to fall in serious trouble where as I cant pay my regular credit card bills I would borrow money off family after all they wont charge a whopping 50% interest annually.

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2009-10-17T12:27:00.000-07:00

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