Dealing With Debt
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.
The first thing to do is to talk over the problem with and understanding friend or family member. It's no use choosing someone who will say 'I told you so' and make you feel even worse! Choose someone who you know is sympathetic and whose judgement you respect.
So the next step is talking to the people who you are in debt to. Take the bull by the horns and phone them. This is a huge problem to you, but to them it happens over and over again every day of the week. Tell them that you want their help to clear the debt and the chances are that they'll bend over backwards to help you. They'll want to extend the repayment period which will make the repayments smaller, but this is a small price to pay.
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Make sure that you feel comfortable with the amounts that they're suggested that you need to pay. If you over stretch yourself at the beginning there'll be no way that you'll be able to maintain the repayments and so you'll annoy them even more. They'll be happier with smaller payments as long as they're made regularly.
Realise that you have been given a chance to put things right and if you blow it this time it will be far harder next time to gain the confidence of any company. Everything to do with your debt will be kept on file and will made
available to other companies if you need credit at any time in the future.
If you've built up debts with a number of companies you can find someone who will consolidate them (put them together). As the debt will be larger it should be possible to negotiate a lower rate of interest and as it will be over a set period the repayments should be lower. Make sure that you're happier with all the commitments that this new loan puts on you (they'll be in very small print at the bottom of the paper work). If you have any doubts take the paper work to someone else and talk it over with them. Remember that this is over a fixed term and is just to pay off the debts that you already have. It's not like a credit card where you can add new debts to the old.
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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Barry Layton is the editor of www.debtsinfo.com a premier debt information site on the Internet. Please visit for more about this article and related topics