Getting debt advice from a specialist can be key to solving your debt problem. However, avoiding the problem of bad debt altogether could well be considered to be the best debt solution out there. Here are some straightforward tips to help you avoid bad debt from those specialists at Debtsolver.
Whatever happened to saving up for life’s luxuries? If you want to avoid debt you need to lose the ‘buy now, pay later’ philosophy that has become so popular amongst British consumers. So, as basic as it might sound, if you want to avoid being in debt, don’t borrow money. This might not be rocket science but it’s the best place to start and you’ll be amazed by the number of people who overlook this simple method of avoiding debt.
So, now that you’re already thinking about saving up for that big ticket item, does it seem quite so worthwhile? Don’t worry about keeping up with the Jones’, particularly when it comes to the latest ‘must-have’ electronics. Do bear in mind that these are the very items that date quickly and lose their value faster than any other. That’s not to say that you can’t treat yourself to a cool piece of electrical kit, just remember that if you use credit to buy it, you’ll be paying the debt when the price has plummeted.
You don’t just have to take this approach to those big ticket extravagances either. Anything that you think you could get cheaper by buying directly from the wholesaler, rather than adding on the retailer’s premium, do it. This could range from the most mundane, everyday household items to furniture and clothes.
This is about managing your money more effectively. If you look at the individual items that you buy week in week out, then consider the savings that could be made if you bought them in bulk, you could make substantial savings.
If you are committed to staying debt free, rather than simply maintaining your current financial status, you should show equal commitment to your savings. Saving up and reducing your spending is the start though. Safeguard your long-term financial security by making well informed, safe investments. Debt tends to result from a sudden change in circumstances and the unforeseen expenses that are associated. If you want to be sure of avoiding debt, you need the savings to provide a financial safety net.