Succesful Debt Management
Beating debt can be a real task, but you can find success if you know where to look for help. If you find yourself overwhelmed by money troubles, there are a number of debt management resources available for you both online, via phone or in person. Its all about choosing the right option for your own circumstances.
Sometimes it can be easier to look something up online, especially if you are embarrassed about what someone may think of you, but also if you want to remain anonymous about the whole process. However, the qualtiy of advice found online can vary quite dramatically and be wary of some older, more outdated articles which may be misleading. I would also recommend ringing one of the many debt charities, such as the national debtline, that have been established to offer free and confidential money management advice.
A good place to start would be to read all of the debt advice articles on this site - i will be covering a wide range of article topics, ranging from credit card management, budgeting tips and learning how to make your money work harder in savings accounts and bonds. There is also an upcoming site, my debt options, which aims to outline in full, what options are available if you ever find yourself in debt.
Whatever your circumstances there will always be a debt management resource that can be used in a positive way. Sometimes you just have to do a little bit of searching to find the resource that works for you.
Mortgage lending still on the slide
Mortgage lending has continued to worsen over April after hitting an eight year low in March of this year, according to a Bank of England report.
Total mortgage advances during March were the lowest since February 2001 and Britain’s major lenders said lending fell further April, according to the Bank’s second Trends in Lending survey. It is suggested that the fall in lending during the last eighteen months has been fuelled by a poor level of re mortgaging activity, as home owners opted to stay on their lender’s variable rate when their existing deals had expired.
Keeping track of your cash
Spending less than you earn is an easy concept to understand, but in practice its not always that simple. By keeping track of your spending on a weekly, or even daily basis can help you from furthering your debt.
One of the main problems with financial planning is not keeping track of small personal expenses, like toiletries, lunches and other impulse buys. The things that we don’t keep receipts for are the worst, as they become increasingly difficult to monitor, and are often forgotten about.
If this sort of spending sounds familiar, you may have to resort to some tough budgeting measures to keep you on the straight and narrow. Alot yourself a daily budget, in line with your spending expectations for the week. So whether that is £1, £5 or even £50 per day, that is all you are allowed to spend. Don’t be tempted to use that credit card if you go over your daily budget.
This strict way of restricting your spending can be a great way to keep those impulse buys at bay, and will teach you the value of thoughtful financial planning.
