The first step to managing your Debt Management is the knowledge of what you have and what you don t. You may not even be aware that negotiation, for example could be a solution to your debt problems. So it s a good idea to get a handle on your financial situation so you know what options are suitable and you can begin to plan your debt free future. Below are the first steps to auditing your assets.
Step 1: Analyse your income and expenditure, what costs are essential? What is wasting your money?
Step 2: What non-essential spending can you cut back on to free up capital to repay debts?
Step 3: Plan a course of action (Counselling, Bankruptcy, Negotiate) using the information you have collected.
You will need to show a clear worksheet of your monthly income and expenses if you are intending to do any of the following:
1. Sign up with a credit counselling service 2. File for bankruptcy 3. Negotiate with creditors for alternate repayment plans and reduced settlements
Our website should be viewed as an essential tool in resolving and Debt Management. The menu on the right has advice to reduce expenditure and develop your own personal budget you can stick to. Keeping a diary is one way to discover in depth what income is being wasted. You may be wasting up to 500 a month which otherwise could be reducing your debts.
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