The 3 Most Effective Ways to Take Control of Personal Debt

A great number of people, at least half of the population of Great Britain to be exact, are fearful of ending up in insurmountable debt. Wages are low, many workers have had their hours cut and prices keep soaring to new levels. In recent years, most of the population have barely been able to keep up with the cost of living let alone trying to pay monthly repayments on loans and cash advances.
As a result, altogether too many people find themselves in debt beyond their capacity to pay and this is where the trouble begins. If your debt is out of control, here are 3 of the most effective ways to take control of personal debt. No one said it is going to be easy and you will need to ‘relearn’ new ways of dealing with bad habits, but in the end it will be well worth the effort – if slightly painful!

1) Grow Up and Learn the Needs from the Wants

One of the most common problems faced by the modern consumer is that we live in the age of instant gratification. If you are seeking knowledge you simply need to boot up the computer and within nanoseconds literally every reference book in the world is at your fingertips. Fast food restaurants are on almost every corner so you can be eating within moments of placing your order.
What does this say about us as a society? The first lesson to be learned here is that altogether too many people have never learnt to differentiate their needs from their wants. They need to eat but they want it now. They need to know something but are in too much of a hurry to do the research. Why not ‘borrow’ from someone who has already done the legwork?
It’s time to grow up and understand that you don’t need everything to magically appear in the here and now. There truly are some things worth waiting for and unless it is a matter of life and death, by all means, don’t buy it on credit! According to the experts at Solve My Debt, as many as 90% of the problems we find ourselves in with our credit cards and store cards is that we haven’t learnt the difference between needs and wants. If you want it – wait until you have the money to pay cash. Plain and simple!

2) Delete the Word ‘Credit’ from Your Dictionary

This leads us to the word ‘credit.’ Unless you are being given credit for a job well done, you should eliminate that word from your vocabulary. As mentioned above – if it is not a major emergency, why not wait a little longer until you have saved up the money to buy it outright? Take a black permanent marker and completely obliterate that word from your dictionary.

3) Learn that Asking for Help Is NOT a Sign of Weakness

Finally, the third most effective way to take control of personal debt is to remember that asking for help is not a sign of weakness. Rather, it is an indication that the one asking for assistance is intelligent enough to know when they are in over his or her head. Debt advisers can offer advice tailored to the individual’s needs.
There are, in fact, a number of debt solutions which can help an individual in the immediate future and those which offer relief going forward. Knowing which road to take is not always easy as there are variables to be considered. Sometimes petitioning for bankruptcy (the extreme!) would provide the best relief for a debtor whilst other times Individual Voluntary Arrangements are the wisest solutions.
Financial advisers not only offer free initial consultations but it is their duty to help consumers understand how to avoid debt in the future. Remember, it is not a sign of weakness to ask for help when you are in over your head. Think of it like a novice swimmer drowning in a pool. The lifeguard goes in to rescue the distressed swimmer who probably thinks twice before entering again without further lessons.
Once you have learnt your lessons, you can take control of personal debt from here on out. Grow up, eliminate the word credit from your vocabulary and get help when it is needed. Keep these things in mind and you should enjoy a debt-free life.
Author Bio
Adam Jackson has written many articles for Solve My Debt. He has been writing for the past year, covering topics including advice on how to avoid debt and how to get out of debt.

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