Comments on: The Top Five Worst Things to Do When in Debt

By: Jay

Jay — Tue, 08 Dec 2009 20:33:20 +0000

I agree with the of seeking loans from friends and family. I always try to avoid doing any kind of business with the family or friends. If things go wrong, you might loose your friends and your family might not speak to you again, It’s better to keep them separately.

By: Brendan

Brendan — Mon, 07 Dec 2009 12:50:39 +0000

I think too many people believe that bankruptcy is an easy option. It’s amazing how many people talk about it as if it’s no big deal. We need to exhaust every possible other avenue before choosing bankruptcy.

By: Dermot

Dermot — Thu, 24 Sep 2009 17:46:43 +0000

I think this is a good article but there is so much more that needs to be said on this topic. 1st key to getting rid of debt is to make a budget and see how long it will take you to pay everything off on your own. If you don’t make enough money to pay off your debt in a reasonable amount of time then start looking into debt relief options. Start with consolidation, then debt management and finally debt settlement. If none of these options will work out for you then you need to file for bankruptcy.

By: borrjz

borrjz — Mon, 20 Jul 2009 00:50:03 +0000

If I could add another small one- “Dont panic” – but do face what you have to deal with and at least start a process of some actions, and understanding where the money is going- sometimes its as easy as counting the bills you have, others not so easy as looking the interest on a mortgage.

The strain on relations is absolutely true – there needed to be very clear plan if you are even go down that path – (It broke a relationship for me)

By: Amy

Amy — Sat, 11 Jul 2009 16:42:29 +0000

There are also other things is the UK that you can do to try and ease debt. There are agreements that can be made through a government mediator that means you agree repayments that you can afford and the rest of your debt is written off. Also, paying your council bill is the first thing you should do when you’re having money trouble, credit cards are the last. You can also look up your credit report and try and fix it when you’re no longer having trouble.

By: Gary

Gary — Sat, 04 Jul 2009 10:18:37 +0000

Yes I do believe when you are in to debt you make unnecessary commitments, which leads you deep into debt. I agree these Do’s will ease the problem the most.

By: tom

tom — Tue, 30 Jun 2009 12:15:27 +0000

Some good advice here. I would add a couple more:

- Don’t be an ostrich. Sit down and figure out exactly how much debt you’re in and how much the interest is costing you. Yes, its stressful to think about it but you will never get anywhere without confronting the problem head on. Most advertising aimed at people in debt is trying to capitalize on people not aware of their situation and the things they can do to resolve it.

- Do research online. Completely agree that you shouldn’t pay high fees for a credit counselor – because there’s so much good, free advice on the net. Here in the UK Money Saving Expert is a wonderful resource and a savior to many who don’t know where to start.