By Philippa McCulloch
The ultimate question... How to clear debt for good? Well there are many approaches to this - some have failed, others have triumphed...it all really depends on your will power! Three top tips are as follows:
1. What are your expenses?
Either go to your bank, and ask for a copy of all your direct debits, and standing orders or log onto your online banking. You need to take control. ~ When do they come off? ~What are they for? ~ Do you really need sky tv?
2. When do you want it to happen?
Now, we need to be realistic here. If your earning on average say £800 a month, it's not feasible to clear off 20k within 6months...(without taking on further debt)
Set yourself a reasonable target, say £50 - £100 per month to put aside in a separate account. Cut up the card for it if you have next-to-no will power.
3. Where to start?
Well, the best place to start is to lay out recent statements so you know exactly what your dealing with. Don't look at whats outstanding, but the interest rates first. That is where were going to make the impact first.
E.g:
Store cards are known for there best offers, the funky card designs, but also the longest nightmare to pay off. Trust me, if you have one, cut it up! After you've put that money aside in the separate account, enjoy the moment of phoning the company and paying it all off.
Where to go from there? repeat steps 1-3 until ALL DEBT IS GONE!
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