Debt Advice You Need To Listen To

Created: 2019-05-20 09:00:00

Paying off debt almost always isn’t as fun as taking on a little bit of extra debt to buy something you really want – but it has the kind of reward that lasts a lot longer than any material purchase.

The second that you get your financial house in order (and the debt advice we share in this guide can definitely help in that department) a mountain of stress and pressure lifts right off of your shoulders and you really start living free.

Figure out WHY you want to get debt free in the first place

Motivation is going to be a huge factor in digging out of any debt you might be carrying, and the best debt advice anyone can give you is to find your why – the reason that you want to become debt free to begin with. As soon as you cement this in your mind everything gets a lot easier.

Organize your debt ASAP

Another great piece of debt advice is to understand EXACTLY how much debt you all and to whom you owe that debt, only after that finding out how you’re going to go about paying your debts in priority order.

Get a handle on your cash flow

This isn’t just great debt advice but great financial advice general, and that’s to get a better handle and understanding on your cash flow. You need to know how much money you have coming in and where it’s coming from (as well as how consistently) just as much as you need to know how much money you have going out and how much extra you can spend on debt servicing.

Adjust your budget on-the-fly

The last bit of debt advice we want to share is that you need to have a budget in place to have any chance of financial success, but you also need flexibility in that budget as well. Don’t lock yourself into a budget that really limits your happiness or you’ll end up discarding it wholesale faster than you can imagine.

Warning: Late repayments can cause you serious money problems. For help, go to moneyadviceservice.org.uk