Wading out of the quagmire of debt you have found yourself in can seem like an impossible task. However, there really is a better future ahead if you knuckle down and use some effective budgeting and cost-cutting techniques.
Debt is inevitable for most people. Whether it's student loans, mortgages, credit cards, or any other source, everyone finds a way to borrow and spend money they don't have.
People's debt problems have been big news over the past 18 months. The credit crunch and subsequent recession have given rise to redundancies and the general tightening of purse strings, despite the fact that many of us still need to borrow money in order to make ends meet. So should we give up credit cards completely?
There may have been one or two gifts in George Osborne’s Budget speech, not least a National Living Wage. But for many, it’s insufficient to offset the cost of living, along with a reduction in tax credits and a paralysing housing crisis. Such obstacles means only a few will have been able to escape the claws of debt over their lifetimes.
You may know about Scot and Michelle Young who are going through a bitter divorce battle whereby Scot Young, (a former multi-millionaire property developer) has declared himself bankrupt while his ex-wife, Michelle, struggles to prove otherwise and get the money she needs to raise her two children. What are your rights in a similar situation?
Immediately after graduation, many college grads are concerned with finding a job, a place to live, and setting up their new lives. Unfortunately, very few people dedicate time to their financial futures. This lack of initiative results in the accumulation of debt, personal loans, and other unfavorable fiscal circumstances.