Free eBook: 10 Ways to Help You Get Out of Debt

Posted on August 21, 2010 by Beat The Bailiffs

Free eBook: 10 Ways to Help You Get Out of Debt

I’ve spent a lot of time working to Get Out of Debt, and I’ve also spent a lot of time looking for help and advice on How to Get Out of Debt and Stay Out of Debt.

There’s a lot of information out there on How to Get Out of Debt, Debt Management and all the topics realted to being in debt, but it’s spread out everywhere, and you could spend forever just reading and researching and not actually doing anything about your debt.

Even if you find some advice that sounds good, unless it’s from someone you know or trust already, it’s difficult to know what’s good debt management advice and what’s bad.

Having been through this, and having tried a lot of the advice out there, I thought that there might be something I could do to help other people get out of debt.

So I’ve put together an eBook called: 10 Ways to Help You Get Out of Debt. It’s a collection of the Debt Management Tips and Advice that I have found most useful so far.

It’s free, and to get it, all you have to do is just pop your email in the box at the bottom of the screen, and I’ll send you a copy immediately.

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Get Out of Debt with a Debt Snowball

Posted on August 25, 2010 by Beat The Bailiffs


Get Out of Debt with a Debt Snowball

If you want to get out of debt, and you can afford to pay at least the minimum payments each month on all your debts then the Debt Snowball method could be right for you.

The Debt Snowball method has been around for a while and it is recommended by many financial experts as a good way to get out of debt, if you can afford to pay at least the minimum on all your debts.

Before you start, there are some things you need to think about:

- List all your debts
List the total amounts you owe and the interest rate (APR) for each (including any introductory interest rate and the final interest rate too). Don’t worry about your mortgage, student loan or business loan in this list – these are “positive debts” and we’ll factor the payments into your budget in the next step.

- Make a budget
List your income, including wages, tips, benefits or other regular payments you receive. List your expenses, including the minimum payments on your debts. Take a look at your spending and see if there’s anything you can cut out or cut down on while you’re paying off your debts. You don’t want to stop all the fun stuff, but maybe you can save money by changing some habits. Having a budget and sticking to it is essential. It’s when you spend without a plan that you get into debt!

Once you know your monthly income and expenditure you also know how much you have left over. It’s this money you’ll use to pay off your debts.

Continue paying the minimum amount on all your debts, but use all of your extra cash to pay extra towards one debt until it’s paid off.

Once that debt is paid in full, take the money you were using for that debt (including the extra funds) to pay extra on the next debt until that’s paid off, and so on until you are debt free!

You can find more detail about Debt Snowballs, including links to some free online tools to help you in my free Get Out of Debt eBook.

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Should You Create an Emergency Fund?

Posted on August 24, 2010 by Beat The Bailiffs

Emergency Fund – Should You Create an Emergency Fund?

Debt Management Experts suggest that before you start to tackle your debts you should have an Emergency Fund – a pot of money put aside for unexpected expenses. That way, if your car breaks down or your boiler breaks down you have the money available to sort it out without taking yourself further into debt.

While a rainy day fund sounds like a good idea, the reality of saving money while you’re still deep in debt can be daunting.

There is another school of thought that says you don’t need an emergency fund – or not before you’ve paid off your debts, anyway. The argument here is that if you’re throwing all your spare cash at your debts, you should have enough credit to cover an emergency if it arises. Sure, you’ll be adding to your debt, but as you’ve been able to start paying off your debts sooner, rather than saving money for an emergency that may not happen, you won’t be any worse off.

Personally, I can see both sides of the argument. It would certainly be depressing to have chipped away at your debt over several months, only to have to go right back to square one the moment an emergency crops up, but at the same time, imagine all the debt you could pay off with that emergency fund… and the interest it would save you too!

You could try to build an Emergency Fund quickly, without breaking into your regular income. Have a clear-out at home and sell your unwanted stuff online or at a car boot sale – the proceeds could start your Emergency Fund without stopping you from starting on your Debt Snowball right away.

If you do decide to build an Emergency Fund, experts suggest you should keep it separate from your other money, but easily accessible (you don’t want to have to wait 30 days to get to your money if your car does break down!). Consider opening a savings account at your local Post Office or bank.

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Beat The Bailiffs on Facebook!

Posted on August 23, 2010 by Beat The Bailiffs
Beat The Bailiffs on Facebook

Beat The Bailiffs on Facebook

Just a quick note to tell you all that Beat The Bailiffs now has a Facebook Page.

You can visit us at: http://www.beatthebailiffs.co.uk/facebook

We’ll be updating that page with notes and information on how to Get Out of Debt and Manage Your Debts, so if you’re more of a Facebooker than a Blog reader, we’ve got something for you over there.

When you get there, don’t forget to “Like” us, so your friends find out about us too!

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Stay Out of Debt – Video: Debt Management – How to Stay Out of Debt

Posted on August 21, 2010 by Beat The Bailiffs

Here’s a quick video with some tips to help you Stay Out of Debt.

The main tip to stay out of debt here is to develop a budget based on what money is being brought in and what has to go out. Then decide what money can be used as disposable income.

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Get Out of Debt – Video: Use a debt snowball to get out of debt fast

Posted on August 21, 2010 by Beat The Bailiffs

This quick video talks about the Snowball method to get out of debt.

The debt snowball method is way of managing repayments.

This method can help you get out of debt, but only as part of a plan to manage your finances.

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Debt Management Plan: Video – What is a Debt Management Plan?

Posted on August 20, 2010 by Beat The Bailiffs

Here’s a short video I found that explains what a Debt Management Plan is.

Basically, they say in this video that a Debt Management Plan is a plan that you have arranged with a Credit Advisor to manage the repayment of your debts.

This may include re-nogtiating a lower rate of interest on repayments to a credit card or loan company, for example.

One other point they make is that a Debt Management Plan is not bankrupcy, it is a plan to repay you r debts in manner that you find achievable.

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Get Out of Debt – Video: 5 Ways to Get Out of Debt Faster

Posted on August 19, 2010 by Beat The Bailiffs

In this video from Kiplinger, the presenter gives 5 tips to help get out of debt faster.

5 Ways to Get Out of Debt Faster

The 5 tips are:

  1. Stop using your credit cards
  2. Ask for a lower interest rate
  3. Consider a balance transfer
  4. Make payments automatically
  5. Spend smarter

Now, these may look a little obvious, but the presenter goes into extra detail about each point and makes some good suggestions.

The points covered in the video are the bare basics, but they are all worth considering if you are looking for a way to get out of debt.

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Beat The Bailiffs – Welcome

Posted on August 16, 2010 by Beat The Bailiffs

There are plenty of reasons you might want to Beat The Bailiffs.

But the most common one is having a loan or other debt that you can’t repay, meaning that at some point the company you owe the money to will take steps to get that money back.

However, the Bailiffs becoming involved is usually a last resort, and there are plenty of things you can do before it gets to that point.

Hopefully, something you find on the Beat The Bailiffs blog will help you avoid that situation.

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