Debt is all the same, in the sense that we borrow money now and pay it off later. What sets good debt apart from bad debt are the positive or negative consequences that arise from the particular type of debt that is taken out.
27 November 2012
OK, so you are not balls to the wall in debt, but it’s there, and it’s a niggling worry. Employees are spending huge amounts of energy and time worrying about their debts. This not only affects the individual but the employer as the employee will be under considerable stress which leads to a decrease in productivity in the workplace.
It is a wise move to pay your most ‘expensive’ debts off first. These are the accounts charging the highest interest, such as clothing and furniture accounts. Below are some tips on how to keep control of your debt.
·Close any accounts which are not in use. Credit providers assess the full facility of the credit agreements on record, even if they are not being used.
·Always pay off at least the minimum installment required on your debt. This shows you are credit worthy and can maintain your debt without missing payments and getting yourself further in debt.
·If possible pay more than the minimum payment on accounts to further improve your creditworthiness.
·Don’t ignore a letter of demand. Always be proactive and take appropriate action. Contact your credit provider to discuss a possible solution instead of burying your head in the sand.
·Once you’ve paid off your credit card, cut it up or you are just going to use it again.
Should you require assistance with your debt please contact DebtBusters on 0869 99 06 06.