Worried about Debt? (From Asian Image)

Worried about Debt?

1:09pm Thursday 24th September 2009

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Debt can be something many of us have to contend with at some time in our lives.

But there are always options open to you no matter how desperate you might think things have got.

The important thing is to keep debt under control and do not let it impact on your daily life. This might sound easier said than done but for those really serious about getting their life back on track there are some general things you can do.

One of the most common choices available to some people is the ‘one-off monthly payment’.

You may have seen these adverts on television and they seem quite attractive.

It basically means putting all your monthly payments into one. If you’re juggling various credit cards, store cards, loans and overdrafts you may find that consolidation can save you money and hassle.

It can also protect you from further action by your creditors and an alternative to declaring yourself bankrupt.

However, it is not for everyone and it is always very important to read the small print in the agreement before you sign-up to anything. Sometimes this simply makes things easier for you but does not reduce your debt and tackle the root cause.

It can reduce your monthly outgoings without damaging your credit rating and as a short-term fix it may be something to look into.

But like most problems in life individual debt issues need to have individual debt solutions. So it is important to get tailored advice.

Nasreen Karim is senior partner at Platinum Partnership Solicitors and can be contacted freephone on 08000 949 400

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