January 01, 2011

Be debt free by this year

You have spent a lot on your Christmas presents, delicious food and entertainment. And now, it's another new year, another new beginning. If you sensibly do your household budgeting for this year, your past debts will not become a burden for you anymore. January is the month of taking resolution to be debt free. Many government as well as private organizations which provide free debt advice has revealed that each year they get more and more calls in January seeking advice to be debt free. It has been always a busy time for debt experts. Though it should not be like this !

People are always advised to keep in touch of experts early and discuss their debt problems so that they can cope with their outstanding debts in time. And if you are already managing your debts with great expertise you must keep it up. To tight your belt and taking stock of household finances are very much important. It will give you relief from being panic after the unlimited spending on this festive season. 

Control your debts and spending by chalking out a perfect household budget. Include all essential spending and exclude all unnecessary. Check for small savings you can do while shopping for your regular necessities. Make it sure that your utility providers are offering you the most affordable prices. Otherwise you can save a big by switching to a different option. 

To become debt free another wise way is switching to cheaper providers where possible. Low cost personal loans and zero percent interest rates balance transfer credit cards are suitable options for credit worthy people. Try to keep some excess cash in your hand each month. It will be helpful for the down payments of your outstanding debts. You can pay on credit cards and store cards but being only the minimum monthly payments it will be able to erase your debts easily and quickly. You will have to pay higher over long-term.

Don't be lured by exciting offers. These will leave you with poor credit score and your new year resolution to be debt free will remain far away. Do remember, if you ignore your small debt problems now you will end up accumulating bigger problems later. So, avoid new year debt hangover and enjoy a debt free year.

Wish all of you a very very Happy New Year :)

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