Credit Card Debt and interest rates aren’t the only dilemma. I read a report the other day that got me contemplating how it isn’t merely interest rates that we should be worrying about when it comes to Debt Management and paying of our Credit Card Debt.
Recently the Northern Money Conference took place in Liverpool. One of its attendees was Mark Lyonette who is the chief executive for the Association of British Credit Unions Limited.

He raised worries over the fact there appears to be a great deal too much focus on spending and not enough on saving.
He also brought up the worrying statement that we may be on our umpteenth card and only paying the minimum payments, briskly leading towards a terribly bad climax.

What this means is that we are regularly being lured into finding other credit cards as an alternative to dealing with the ones we already have. Indeed it would seem extremely tempting to find a new card with naught on it but our signature, but the idea of saving for a purchase appears to have disappeared entirely out of the window.

If we’ve got numerous credit cards that we’ve got maxed out surely it will be better to utilize Debt Consolidation than continue to pay unnecessary rates and minimum monthly payments that we merely bury our head in the sand about?
The thing about ignoring things is that they should inescapably come and bite us on the proverbial becoming an even bigger issue than the one we were trying to run away from.
The facts illustrate that the typical quantity of debt we are in per person in the UK is £30,306. This was calculated by Credit Action and indicates this is 129 per cent of our regular yearly pay packet.

So that means that on a regular basis we fritter more than we earn. This is far from good enough. We should get into a good practice of Debt Management and stop fooling ourselves that this is all going to disappear.
The next surprising thing is how a lot are being declared insolvent or bankrupt; its one every three minutes.
Now this tells me that people have continued to ignore things and have thus found themselves in an absolute pickle. They come down to earth with a gigantic solid hit, have a nervous breakdown then get bailed out.

It doesn’t make sense does it really? The complete scheme is geared up to insure that it is way too easy to get into difficulty to then have to bail us out of it. This wastes the taxpayer’s money that may very well be put to better use. Would not it be better for systems to be put in place that encouraged us to take responsibility for ourselves and not entail desperate measures?

What might we do? Just a simple thing as not spending what we haven’t got can change everything. Then we could move onto dealing with that debt. If we certainly do have a lot of debt than we could cope with there are plans for instance Debt Consolidation whose function is to alleviate some of the burden without getting rid of the responsibility of paying it back.

Further ways we might help ourselves is by saving money. We can do this by not overstretching ourselves in the first place. We in that case have added disposable wages and likely added money we might put away.
The peace of mind that comes with being shrewd means we might do what we’re meant to - benefit from our life!

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