subject: Debt, no longer a dirty word [print this page] Debt, no longer a dirty word Debt, no longer a dirty word
Debt, no longer a dirty word
While being in debt is never the most ideal situation, debt is not a dirty word. Borrowing money allows people to invest for their future and regulate fluctuating patterns of income. Debt problems do of course exist, but there is always a solution.
Information released by the Consumer Credit Counselling Service (CCCS) shows that over the past 3 years, there has been a sharp rise in the number of men admitting they have debt problems. No longer a dirty word, people are not ashamed to admit they are in debt.
The increasingly high standard of living in the Western world means more and more people are borrowing money, many of these borrowers however, cannot be described as being in debt crisis.
Debt crisis is the only time debt gets dirty and even then there is always a way to get clean. A debt crisis is best described as when you find yourself completely unable to make the minimum repayments on your debts, or you are unable to meet your necessary outgoings.
More often than not, people have debt problems but are not in debt crisis. Determining how bad your debts are isn't about the size of the debt, but your ability to repay.
A debt management plan is an ideal way to deal with any problems you have with unsecure debt.
If you are struggling to keep up with monthly payments on any loans and credit cards you have, a debt management plan will put together an informal arrangement to repay outstanding unsecured debt to any companies you owe money.
When using a debt management plan, you will be assigned a dedicated personal manager. The personal manager will assess all your monthly income and expenditure. From food shopping, buying clothes, paying council tax to gas and electricity bills, travel expenses and all other essential items, your personal manager will assess what money is coming in and where it is getting spent. Once this is determined, the personal manager will work what you can afford to pay each month to the companies you owe and then negotiate with these companies to request they freeze interest and charges on your accounts to stop your debts increasing further.
Overcoming problems with debt and trying not to think of debt as a dirty word is difficult when you are constantly receiving letters and telephone calls from the companies you owe. A debt management plan is a way of reducing the contact you have with these companies. Instead you will have a personal manager will deal with all creditors on your behalf, leaving you free to get on with life. The hardest part of dealing with debt, can be dealing with debt alone, debt management plans can give you the support you need.
welcome to Insurances.net (https://www.insurances.net)
