Are You SURE Your A Bad Debt?

Many people who seek the advice and guidance of debt counsellors are driven to them in the first place by fear and ignorance ? two powerful emotions which often mask the real scale of the problems.

In many cases, what you made have been led to believe is a 'bad' level of debt, may instead need only some careful reorganisation and a new set of mortgage priorities.

Most adults have some experience with debt - and most of us receive (often painful) monthly reminders of the debts we owe courtesy of creditors and the postman.

Needless to say, debts can be large (mortgage or loan payments) or comparatively small (telephone or credit card bills).

Although the word debt typically carries negative connotations, there are some positives. For example, few people have the total asking price outright to purchase the home or car of their dreams. There are limited options for acquiring these big ticket items without incurring some debt. Also, assuming some debt makes it possible to pay your electricity and gas bills based on usage. You pay for the service after, rather than before, each month's use.

So why all the moaning and groaning when the subject of debt arises? Primarily because many of us have an unbalanced debt to income ratio. Debt becomes burdensome when we owe as much or more than we earn. We have taken what could be a benefit and turned it into the bane of our existence. Those of you who cringe each time the telephone rings, know this feeling of dread very well.

Obviously, some debts, such as rent and utility bills, are perpetual or recurring. You must continue to pay these each month if you want heat and electricity. Other debts, such as car payments, loans and mortgage payments can eventually be retired.

Some debts (most credit card debt) are simply unnecessary. If you are among the rising numbers of people for whom debt has become unmanageable, don't despair. Start by evaluating all of your expenses. If you don't really need the item or service, do yourself a favour and keep your credit card in your wallet. With a little patience, planning and sacrifice, you can dig yourself out.

Tony Shipley

http://www.badcreditmortgages247.co.uk

In The News:

Group advocates tax increases and non-user fees for sewer debt relief
The Birmingham News - al.com, AL - 18 hours ago
At a morning press conference, the group put forward "the people's plan," an 11-point proposal for dealing with the debt. The activists, including a ...

Staying On Track with Your Debt Relief Plan
3x24 - Your Newspaper and News Magazine, Germany - 21 hours ago
All these things, however, pale in comparison with the importance of sticking to and staying focused on your debt relief plan. Sticking with a debt relief ...

Online Audio Seminar on Debt Relief Helps Consumers
PR Urgent - Aug 26, 2008
Personal finance publishing company offers online audio seminars to help consumers decide between different debt relief options and how to negotiate debt ...

NCR deal brings relief for over-indebted consumers
Personal Finance, South Africa - 2 hours ago
By Neesa Moodley-isaacs As of next month, if you are undergoing debt counselling you will no longer have to pay the costs associated with the repayment of ...

Fitch Rates Marble Falls, Texas' COs 'A-'
MarketWatch - 19 hours ago
Both direct and overall debt levels have climbed with recent debt offerings and now are above average. Property taxpayers receive some relief from the fact ...

All you need to know about online bankruptcy
Thrifty Scot (press release), UK - Aug 27, 2008
A recent report confirmed that as of next year a new form of filing for bankruptcy online would be introduced, and this will be known as a Debt Relief Order ...

It's unfair to give lawyers debt relief
Chicago Daily Herald, IL - Aug 23, 2008
22), comments that they should not be consigned to lives of crippling debt for that choice. If they entered private practice, they would still have a debt. ...

Go Debt Relief, Now a Member Lexington Chamber of Commerce
PR.com (press release), NY - Aug 20, 2008
A slumping economy has more and more consumers looking for help with their credit card debt. Go Debt Relief is assisting people struggling with their high ...

Use Credit Card Relief to Stay out of Bankruptcy
3x24 - Your Newspaper and News Magazine, Germany - Aug 23, 2008
For credit card debt relief, the first things you should try are very simple and easy to do yourself. Firstly, set a budget for yourself, and track how much ...

Japan cancels repayment of Bangladesh's $680 mln debt
Xinhua, China - Aug 26, 2008
26 (Xinhua) -- Japan will write off 680 million US dollars in debt overdue from Bangladesh under a debt-relief agreement, private news agency UNB reported ...
Japan writes off $680mn debt Gulf Times
Japan exempts $680 million in loans to Bangladesh Reuters India
Japan govt completes cancellation of Bangladesh's $680m debt repayment The New Nation
all 7 news articles
debt relief - Google News


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