12:03 05 October 2013
Should credit cards be monitored regularly?
While trying to reduce your credit card debt, it is vital that you already saved enough funds for your daily needs and monthly bills that need to be settled to your creditors.
Moreover, it is best that you stop using your credit card unless it is really very necessary. But as much as possible, lock it somewhere so you would not be tempted to use it. Doing so will aggravate your problem and you may already be in need of a professional advice.
Ways to cut premium motoring costs
Another way is by taking advantage of a No Claims Discount which considers your good driving record and consequently be awarded up to 75% reduction of your premium cost.
Moreover, your insurance company may offer to reduce the cost of your premium when you increase the amount of your participation whenever there is a claim.
For younger and new drivers, they can take advantage of the Pass-Plus scheme to have a 20% to 30% discount on their premium costs.
How to handle the creditors legally
You may also ask the help of a debit management company to handle your creditors. Or you may apply for an administration order, apply for an Individual Voluntary Arrangement, or you may consolidate your loans into a single loan. Weigh each option before selecting which one is the best option for you.
If you have no money left to pay for your other debts
If you no longer have money left to pay for your other debts and you know your situation will not improve given some time, then you may just either request your creditors to write off your debt, apply for a debit Relief Order or to file for bankruptcy.
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