New Year Calls for a Review of Debts
(firmenpresse) - LONDON, UNITED KINGDOM -- (Marketwire) -- 01/11/12 -- As 2012 gets underway, borrowers are reminded to start the New Year by making sure they're on top of their debts and their finances in general. Financial solutions company recommends a few simple steps that could make that process easier and more effective.
"2011 may be behind us," said a spokesperson for the company, "but many of us will be entering the New Year with a lasting souvenir of last year, in the form of credit card bills and other debts.
"Even with the financial pressures of Christmas behind us, the January sales are now tempting many people to spend money they might not really be able to afford."
So the obvious starting-point for a household is a comprehensive review of their monthly finances: how much money they have coming in, where it's going, how much 'spare' money they have each month - and how much of their income is going towards their debts.
"This isn't always as simple as it sounds, but a good online budget planner can make it much easier, helping people make sure they don't neglect any of their outgoings."
Next, there's the action plan: once you know where you stand with your debts, what's the best way of tackling them?
"Different households will need to take different approaches. People with 'spare' cash in their monthly budget could potentially save thousands in interest in the long run if they try to overpay their debts when possible, whether that means paying off a credit card bill more rapidly or making overpayments towards their mortgage."
Borrowers with multiple debts might find a can help them repay what they owe, as having a single payment to make each month can make it much easier to budget for debt payments. In the right circumstances, debt consolidation loans can deliver other benefits, like reduced monthly payments and lower interest rates.
"However, this isn't something to enter into without proper consideration - consolidating debts can add to the overall cost, and no one should secure any debt against property if they're not confident they can keep up with the payments, since they could be putting their property at risk of repossession."
And finally: for some, a review of their finances will reveal more serious problems. "Actually 'doing the maths' can turn up some unpleasant surprises, as many people will find they owe much more than they expected. Even so, ignorance isn't really bliss: the sooner they realise they have a real debt problem, the sooner they can do something about it, and the less time their finances will have to deteriorate further.
"This is one reason we recommend the New Year as an obvious time for a financial review - although it pays to stay on top of your finances all year round, of course.
"If you realise you have a debt problem, a good way to approach it is by talking to your lenders and finding out what they suggest is the best approach to take. They may agree to accept lower payments, for example, or to freeze interest on the debt. It's in lenders' interest to find a realistic way of getting the money repaid, so talk to them. If you're not sure how to go about it, or you'd like some advice before you talk to them, a debt adviser will be able to help you prepare for the phone calls."
Notes to Editors
Think Money is one of the UK's leading financial solutions providers, delivering a comprehensive range of financial solutions, including loan, insurance and banking solutions.
Think Money defines its mission as 'To educate, rehabilitate and advise on all aspects of financial management'.
For more information, visit the Think Money website at: .
Or visit Think Money's debt consolidation section: .
Contacts:
Think Money
Melanie Taylor
0845 056 6480
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Datum: 11.01.2012 - 12:53 Uhr
Sprache: Deutsch
News-ID 103040
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LONDON, UNITED KINGDOM
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