Bank finance articles and tips

Being in debt is never going to easy and often people feel so guilty that they bury their head in the sand, which causes even more problems (and often even more debt!)

If you are truly facing up to your debt and willing to make a stand and get out of debt then this is a good starting place, for having been in debt myself, I can provide first hand advice as to the steps that I believe helped get me out of debt and other tips that I've been handed from friends and colleagues that have worked.

Firstly, it is a good idea to put together a worksheet (use Microsoft Excel - it's easier) that you can then enter all your debt into and make a budget. In this way, you can easily track your outgoings and trust me you'll be surprised at just how much you pay for that you don't really need. For instance that Starbucks Coffee each morning - make your coffee at home and help yourself get out of debt!

Secondly and this point really does follow on from my first, stop adding to your debt! Ask yourself if you really need the extra pair of pumps or the takeout meal. The list of debt adding products and actions are endless and if you keep on acting the way you always have, you will never get rid of your debt.

Credit cards are a big no no for me these days. They just carry too much temptation and I ended up relying on mine to pay my rent, which is not a situation you want to be in. I cut up my cards so I couldn't use them; one piece of advice here though - do not close credit card accounts as you will need them to build up credit score but there's no harm in not using them till you are debt free!

Becoming debt free isn't easy and it requires huge change in attitude, for instance socializing with friends doesn't have to involve going to bars or spending any money, you can have just as much fun staying in, having games night or reciprocal dinner parties.

Remember there's no point spending money for a short term gain, it will only lead to worry. Don't let your debt rule you - follow the tips I've included above, find your own way, stick with it and soon you will have got yourself out of debt.

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By Scott Isaccs