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Destroy Your Debts With No Fear
by Barry Layton

If you've suddenly discovered that you're in debt and life
seems pretty gloomy, don't despair. Most people have been
there and know just how easily it can creep up on us. Most
of us try to ignore it until it becomes such a crisis that
we go into panic mode and don't know what to do.

If you're at the stage where you just don't know where to
turn to think of a close friend or family member who you
trust and whose opinion you value. Make an opportunity to
talk with them without being disturbed and tell them how
you feel. Once you've spoken the words you'll feel a huge
sense of relief and their words should give you the
confidence to take the next step.

When you've actually accepted that there's a problem and
the whole thing is out in the open it won't seem so bad.
The next move will be to contact whoever you owe the money.
They will look on you far more favourably if you contact
them rather than them having to contact you. Ask if you can
delay or reduce the payment. This will probably mean that
the length of the loan is extended but that's something
you'll have to accept.

When they suggest the new repayments make sure that it's
within your budget. The first time that you fall into debt
people are quite happy to help you but when it happens over
and over again their patience wears thin. If you offer
smaller payments than they ask but you're making them
without fail then they will be happy with you.

This is a chance to put things right and for the sake of
your credit rating it's important that you keep these new
repayments up. Your credit rating is available to every
company in the country and each time you apply for credit
it will be searched. If there is any hesitation at all you
will not be given credit.

There are many companies who will offer to consolidate
your various debts. This is a good idea because the
interest rate that is charged on a larger amount is usually
less than on a smaller one. The repayment period is also
usually longer, thus making the repayments smaller. But
before you sign anything it's worth showing someone else
the paperwork. Two heads are often better than one and you
don't want to end up even further in debt to a company that
doesn't have too many scruples. Remember also that this
loan is just to clear the debt that you've built up; it
doesn't give you the flexibility to add to it as you would
with a credit card. Shopping sprees will have to be a thing
of the past.

Depending on the size of the debt you may required to
destroy all your credit cards. Even if you're not asked to,
it's still a good idea. Work with cash and then once it's
spent you can't be enticed to spend it again!

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