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8 reasons you should get out of debt

When you really think about it, there are probably over a hundred reasons that you should get out of debt. However, everyone will have different motivations for doing so. We’ve put together some of the main motivators most people would consider for getting out of debt.

Free up more of your income for financial security

Whether you can pay your debt off completely or enter into a plan to pay your debts back, you will have more money to save for you and your family. Financial security for the future is so important and taking steps towards paying off your debts will give you that extra income to prepare for the future.

Reduce your risk

Being in debt means that you can’t save for any income emergencies. Having no extra money in case of emergencies such as you or a partner losing a job is a risk. If you pay off your debt there will be less risk of you losing your home or your car if you can’t make payments towards your debts.

Improve your credit score

Having debt will weigh down your credit score whether you have credit cards, store cards or loans. For example, if you’re near a limit on your credit card then your credit score will be lower. Your interest rates will also be higher on any further borrowing if you’re in debt which puts you in a vicious cycle of trying to pay off debts with high-interest rates.

Look after your mental health

Reducing the stress of constantly worrying about your finances can do wonders for your mental health. Being worried about debts takes its toll on your mental health, especially if you’re struggling to make payments. When you start to pay off your debt, you’ll no longer feel trapped or weighed down.

Take care of your physical health

Being stressed not only affects your mental health, but it can also impact your physical health. Stress has been found to contribute to heart conditions, gastrointestinal problems and diabetes to name a few. Chronic stress can affect your immune system and the lack of sleep from stress can have a huge impact too. When you spend less time worrying about your finances, you will have more time to take care of yourself.

Help your relationships

Being under severe financial pressure will not only affect you but those around you too. This can be relationships at home or at work and getting rid of your debts lifts a weight off your shoulders that can make you happier which benefits you and those around you.

Spend money on things you enjoy without feeling guilty

Getting out of the vicious debt cycle means that you will be able to get on with enjoying time with your family without feeling guilty about spending money. Family days out or holidays can often be tainted when you’re in debt with a feeling of guilt when you know you don’t have the money to spend.

Own your own assets

After paying off your debt you will no longer need to worry about anyone taking your belongings because you can’t afford your payments. Once you pay off your debt, you can eventually pay off that mortgage or your car and everything else you have can officially be yours. This can be a relief for those in debt after worrying for so long about bailiffs taking everything away.

These are just some of the reasons that you may want to get out of debt, we’re sure that there are many more that are personal to you. If you’re struggling and think you might need some help, why not give us a call today? We offer free, no obligation advice that can help make the reasons above become a reality for you. Call us at 0141 380 0588 or find out if you qualify for debt help, here

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Do you know how to pay off your debts?

 

There are different options when it comes to reducing your debt. A recent article from The Times has indicated that people living in Britain will each account for £14,300 worth of unsecured debt. This tells us that more and more people are going to have to deal with managing payments, interest rates and the stress of it all.

One option when paying off debt is to manage it yourself and come up with a system in which you will be able to pay off all of your debt on your own. Depending on your debt level, this could be completely feasible. Another option is to get help from an advisory service. This is a better option for those with high debt levels who are finding it impossible to keep their heads above water.

For those who want to pay their debt off themselves, creating a plan is a must. You will need to evaluate your debts. Write down how much you owe, who you owe it to, what are you currently paying to each of these debts every month and don’t forget to note down the interest you’re paying on all of your debts as this will be a huge factor in considering whether you can pay this off with no other help – it all adds up.

Your next step is to evaluate your own income. Note down how much you earn every month and what your partner earns if this is applicable. You should also think about your monthly expenses and planning out a budget for these. This means you can estimate how much you have left over as disposable income.  It would also be a good idea to factor in an amount for any emergencies here. You never know when you might need a car repair or to fix a broken pipe!

If after looking at all of this information you think you have enough to cover your debts with the interest applied, then great! Keep going and stick to your plan. If you’ve found that you might need some extra help, advisory services, like us, are here to help.

We can help you evaluate all of your debts and decide what you can afford to pay each month. If you would like to move forward with a debt solution, then we can pass you over to one of our partner companies who can set you up in a plan. You could even consolidate your debts into one monthly payment and with some solutions such as an IVA or a Trust Deed, you can write off up to 80% of your debt. This will all depend on your situation and income, but we can help you move forward with paying off your debts at a rate you can afford.

Asking for help isn’t always easy but it’s a step in the right direction for those who are struggling with their debt. Our advice is free and there’s no obligation for you to take any action so a call with our advisors is simple and easy. Call us today on 0141 830 0588 or find out if you qualify for a debt solution, here.

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Debt Level

Amount of debt you have
Unsecured debts such as: Credit Cards, Council Tax Arrears, Store Cards, Catalogues, Personal Loans, Bank Overdrafts. Credit Unions, Mortgage Shortfalls, Car Finance, HMRC Bills
£1,000 £50,000
Amount you can affford each month
All debt solutions are based on your affordability to repay each month
50 Per Month800 Per Month
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