June 14, 2012

Recovering after debt

If you've recently managed to pull yourself out of a debt-ridden living situation; paying off what's owed and getting your life back on track, then congratulations! It's no mean feat and definitely something to be congratulated. You should be proud of yourself. However, now comes the really hard part - building your life over again!

You may have had to sell your house, your car; basically all your large possessions. That's OK though, because living in rented accommodation really isn't all that bad. Some say it is a situation that lacks that element of security but unless you're a really bad tenant or fall into money troubles again, you're unlikely to find it goes wrong. In fact if you were unlucky enough to fall into money woes once again, it's better not to be able to pay rent than a mortgage (in theory).

Don't be tempted to run out and buy an expensive bed, furniture etc. Instead, try to find a furnished flat or apartment, in addition to asking friends/family if they have any spare equipment they can loan you. For example, you'd be surprised a the number of people hoarding an old television or bookcase in their garage! With a lick of paint and re-tune, you're sorted.

Don't worry about the car situation either, as you can take public transport or opt for a car finance loan. Usually, you can find a provider that will overlook your past credit history and instead focus on your future earning potential. You might not be able to land the car of your dreams, but it's better than having no car and this way, you'll only have to pay for it in installments - rather than putting down a large upfront payment.

So you see, it isn't all bad! You should pat yourself on the back for your accomplishments so far and look forward to the future; not back. If you've secured a steady job, a roof over your head and a good car, then what's to moan about? You're a lot better off than some other people, so keep focused on the positives. You'll find life is a lot sunnier that way.

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