Be Debt Free

Debt Reduction | Debt Management | Debt Ratio | Debt Consolidation

Neither teachers nor parents take any initiative to teach kids about significant financial factors like debt, savings or account dealings. As they have no clues what is money management and how their overspending could put their parents in danger, they keep on indulging in unscrupulous spending. As a result, many families go into further debts. The best way to dissuade your kids from costing you more is to include them in your debt management plan. If you are planning to opt for debt relief programs, have a candid conversation with your family and kids and let them participate in your debt-relief mission. Remember, it would be much easier for you to lighten or eradicate your debt woes if you get active support of your family and kids. Read the rest of this entry »

The Debt Relief Order came into being in the UK on 6th April 2009. To qualify for a Debt Relief Order (DRO) you must be able to show the following

• Be unable to pay your debts;

• Have unsecured debts of less than £15,000;
• Have assets of less than £300;
• Have surplus income of less than £50 per month, as defined using a financial statement;
• Be living in England or Wales, or for the last three years have been resident or carrying on business there.
• Not have an existing Bankruptcy Restrictions Order,Bankruptcy Order or Individual Voluntary Arrangement (IVA) or have had a Debt Relief Order in the last six years. Read the rest of this entry »

Is it your aim to start 2009 with no debts? Of perhaps you want to be debt free by the time it ends. This is a great resolution to have. Being debt free helps you to feel free. It’s a wonderful feeling to know that you don’t owe anyone any money. There are no creditors, debt collectors, bailiffs knocking at your door. You can sleep peacefully in your bed knowing that the postman is only going to drop regular utility bills, no letters from creditors harassing you for money. Debt reduction is the only way to do this, you know it makes sense. Read the rest of this entry »

This site is all about finding ways to pay off debt so that you can maintain a stress free lifestyle without the worry of debt collectors sending you letters, ringing your phone or worse, knocking on your door. A surefire way to throw a huge spanner in the works and derail your debt reduction plan is to spend more than you earn. If you do spend more than you earn, you run the risk of getting caught up in a debt spiral. Read the rest of this entry »

The most important step you can take to becoming debt free is to begin by reducing your monthly outgoings. This is an important step towards debt reduction, but you cannot do this without first knowing what your monthly outgoings are. So first things first you need to list all the things that you spend money on each month.

This can be a daunting task if you are not an organized person. In our last article we wrote about how it is important to pay off debt, however you cannot truly get to grips with your finances until you have taken this step. It is important to know where your money is going. You need to know who you are paying and how much you are paying them in order to being the process down the road to successful debt reduction. Read the rest of this entry »

Paying off debt is very important if you want to live a happy, healthy and stress free life. There is no better feeling than when you know that no one can call or write to you asking you for money that you owe them. Taking the right steps towards debt reduction will help you to get to this lofty, but achievable goal of becoming completely debt free

I was in the bank yesterday and a gentleman was paying two months mortgage payments. He was I would say a young fifty something, but I overheard him tell the bank teller that he only had one more month’s mortgage payment to make and then no more.

I was happy for him. The mortgage is usually the largest payment we make monthly, and is usually the largest debt that most people owe. Being able to complete the payments on a loan that lasts for anything from 15 to 30 years is great. Read the rest of this entry »