Guest Posts
The Family Wallet is accepting guest posts. We are looking for articles that deal with frugal living, personal finance, money saving tips, recipes, etc. Basically anything that will help stretch the dollars of the family budget. Articles will be allowed to have an author bio with one link back to your site. If you would like to contribute, please email me at:
thefamilywallet @ gmail.com (remove the spaces).
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Control your debts – don’t let them control you
Debt can often get out of control, and you may sometimes feel as though your debt is controlling you.
If you do, and would like to take action – you should stand up to your debt and regain control of your finances!
The following steps should (hopefully!) provide you with what you need to regain control of your finances:
1. Assess your situation – what exactly is the problem?
Take a look at your situation and try to work out what the problem is. Have you taken on too much debt? Or has your situation changed, which has led to a lack of money to repay your debts with?
If you are having difficulties working out what went wrong, sit down with any paperwork you have relating to your finances (bills, statements, etc.) and work your way through them, checking every fact and figure.
Whatever the problem is, you need to highlight it – because if you don’t know the problem… how can you find the solution?!~
2. Work out if you can afford your debt repayments
The next thing you should do is work out if you can actually afford your debt repayments each month.
If your situation has changed, and you cannot afford your debt repayments, you should take immediate action – seeking debt advice could be a good starting point.
If you can afford your debt repayments, but would like to make your finances easier to manage, you could consider debt consolidation. Debt consolidation allows you to repay all your unsecured debts using one new loan. You will then repay this loan in monthly instalments to your new lender, meaning you have just one payment to make each month instead of several. This won’t change the amount of debt you’re carrying, but it should make it a fair bit easier to keep track of. Just make sure you can afford the repayments before you take out your loan.
3. Tackle your debts!
Now you can see what the problem is, and know whether or not you can afford your monthly repayments – tackle your debts!
You may be able to tackle your debts on your own, but you may still find it helpful to seek professional debt advice (to find out the most suitable way to addressing your problem) before you do.