How to be Debt Free

Majority of us have debts which range in various degree, size and complexity. The most important thing about debt is how it is managed and the effect it has on our general wellbeing. This short article is about the most effective and affordable way to manage your debt and thereby being debt free in no time.

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REVIEW YOUR DEBT

The starting point is to have a comprehensive review of your total debt in a simple format that provide an overview of all your creditors and the amounts you owe. The total amount of debt and interest paid on each of the debts is very important to place priority to the sequence and affordable amount to payable. The best option is to have a debt payment plan bases on affordability and priority with categories such as non-negotiable, large amount, high interest, negotiable, small amount, low interest etc.

 

REVIEW YOUR INCOME AND EXPENDITURE

It is very important to review your income and expenditure with the aim of increasing your disposable income. There are several ways of doing that which will be a topic on its own. Our focus here is to maximise income and minimise expenditures as much as possible to have the much needed disposable income to manage debt effectively.

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TALK TO YOUR CREDITOR

Always let your creditor know as soon as possible if you are struggling or aware of a situation that will affect you making payment. Using your payment plan call all your creditors to negotiate an affordable amount and frequency of payment you can maintain. Most creditors will work with you to set an affordable minimum payment plan as long as possible.

 

REGULAR REVIEW OF PAYMENT PLAN

Once you have been able to set affordable payment plan with all your creditors, it is even more important to maintain and review your payment plan regularly to aim at making affordable adjustment where necessary to clear off your debt as soon as possible. Also don’t forget to seek financial help and advice either free or paid.

Please commend and let me know if you need further advice on the above,  Property investment, Energy and more

Written by

Dennis Bebo MSC, BSC, DEA, CeMAP

Published by

denecoblog

I am a Property/Energy Consultant TA DenEco Consultancy - www.deneco.co.uk: A friendly, energetic and adaptable individual with keen interest and aptitude for learning and motivating others, with great academic skills and work experience in both Life science and Environmental Management, seeking an opportunity to use his proven flair for teamwork and creativity in Property Purchase, Energy Efficiency, Environmental management for sustainable development and growth in any related sector or industry. I help individuals, businesses, SMEs and corporate clients save or make money in regards to Property investment, energy efficiency, environmental management solutions. The foundation of my experience is environmental protection. I have a passion for helping people, businesses and corporate organization achieve their dream through Property Investment and become more efficient and effective in their energy, and environmental management. I get satisfaction from knowing that the work am doing is helping make/save money and the environment.  Contact us @ www.deneco.co.uk Outside of work you can find me spending time with family, studying and researching for new opportunities and continuous development. Specialties: Property Investment, EPC provider, Energy Efficiency, Environmental  management.

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