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In today's plastic savvy times,​ it​ is​ just so easy to​ fall into debt .​
The great thing about credit cards is​ that you​ don't need to​ pay anything upfront making it​ so much easy for all of​ us to​ shop for our favorite products .​
But the​ flip side of​ it​ is​ that most people do not realize that the​ credit card companies levy exorbitant interests if​ you​ do not pay the​ bills on​ time .​
The result: you​ are thrust neck deep into debt.
So what options do you​ have? Declaring bankruptcy or​ just hiding yourself under the​ bed? Hardly a​ solution! the​ first thing to​ do is​ to​ accept and admit that you​ are in​ debt .​
There is​ no need to​ be ashamed of​ your financial crisis .​
With UK's current deficit touching the​ £1 trillion mark,​ there are a​ lot of​ UK residents who are facing similar situations.
The next thing that is​ likely to​ pop up in​ your mind is​ whether you​ should hide your debt status from your lenders or​ disclose it .​
Your first instinct is​ going to​ tell you​ to​ let thing be the​ way they are .​
But that is​ not a​ correct approach .​
Most companies will be willing to​ work out an​ agreement with you​ as​ long as​ you​ keep them informed about your inability to​ keep up with the​ payments .​
So go ahead and tell them about your financial crisis.
That's done; now you​ must draw out a​ list of​ your debts and outstanding payments .​
Compile a​ financial statement of​ sorts and find out to​ what extent your outgoings are exceeding your income .​
Leaving aside the​ bare necessities like gas,​ food,​ water and electricity,​ can you​ cut down on​ any of​ your other expenses? Check if​ you​ are missing out on​ any benefits that you​ may be eligible for.
If status still seems abysmal,​ what you​ can do is​ draw out a​ debt consolidation loan .​
This loan basically wraps up all your debts into a​ single loan .​
So,​ now you​ don't have to​ worry about several monthly payments .​
a​ single monthly payment will do for all other payments.
What's great about debt consolidation loans is​ that they come at​ an​ interest rate that is​ a​ lot lower than the​ cumulated interests of​ your credit card bills and other outstanding payments .​
Add to​ this,​ you​ no longer have to​ deal with the​ harrowing calls of​ your creditors .​
Your consolidation loan lender will take care of​ all that .​
He will negotiate with your creditors and you​ have to​ just worry about paying this single loan and nothing else.
A debt consolidation loan will not only help you​ get out of​ your debt swamp,​ but also help you​ in​ improving your credit score .​
This is​ a​ far better option than declaring bankruptcy wherein your credit score goes straight for a​ nosedive .​
However,​ you​ must remember to​ pay your debt consolidation loan installments on​ time,​ lest you​ end up facing a​ legal action.




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