Easy Debt Management: Your Way to Better Financial Health
Written by admin on March 31st, 2011
In today’s world debt problem is growing at a rapid speed. Easy debt management helps to clear multiple debts of the borrower. If the monthly payments increase by twenty percent, borrowers get worried. One mistake at this point can make the situation worse.
Easy debt management helps the borrower to be debt free and saves the borrower from the situations like CCJ, defaults, IVA and arrears. These include various plans like debt consolidation loans, counseling, budgeting and many more.
Debt consolidation is considered as the best option .In debt consolidation, borrower borrows the total amount of all the loans from a lender at a low interest rate and a tenure which suits the borrower. This helps to clear all the debts by taking another loan. Debt consolidation can be secured or an unsecured. Secured debt consolidation is for the borrowers who can give collateral. Thus interest rates are low. An unsecured debt consolidation comes without collateral. Thus interest rates are higher.
As the new lender takes the responsibility of all the previous multiple debts, borrower is saved from paying the late fees. Secured loan amount starts from £25000 to £75000. The repayment period is 10-25 years. An unsecured loan gives £25000 and the tenure is maximum 10 years. Easy debt management helps to live debt free.
Some tips to be debt free:
1. To keep a close watch on the debts.
2. To keep a watch on your expense and stop unnecessary spending.
3. Make a priority list of debts and spend accordingly.
4. Mortgage and loans should top the list.
5. Shop around for better options.
6. Replacing of debts with debt consolidation loans or with any other plans of easy debt management.
7. Clearing all the debts by taking the debt consolidation loan from a lender.
These points can help a lot to be debt free.
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