HOW I RACKED UP £16,000 DEBT: My Debt Free Journey Pt. 1 | My Debt Story UK | Dealing With Debt

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In this video I talk about my debt free journey and how I ended up with £16,000 debt, which all started when I was a student at University! I hope this gives you motivation to pay off your own debt, and next week I will also be showing you how I paid off my debt. Hopefully it will help give you tips on how to pay off your debt FAST even if you have a low income!

At the end of the video I will show you my NET WORTH statement – so you can see what my where my starting point was!

MAKE SURE TO CHECK OUT:

How I paid off my debt: https://youtu.be/zQVmfsgfeDg
How to create a budget: https://youtu.be/x_Sl6cXUnyY
Have you lost your job?: https://youtu.be/wQ0zRbxQk4Y
Have you been Furloughed?: https://youtu.be/r8n2pwe6oeY

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BOOKS I WOULD RECOMMEND:

The Meaningful Money Handbook (UK Based): https://amzn.to/2GVuaUj
Rich Dad Poor Dad (US Based): https://amzn.to/2RhzxPF
Rich Dad’s CashFlow Quadrant (US Based): https://amzn.to/3kbBedU
The Richest Man in Babylon (US Based): https://amzn.to/3iBgb3K
Property Investment for Beginners (UK Based): https://amzn.to/2ZsMLgH
100 Property Investment Tips (UK Based): https://amzn.to/3bQH3uc
Self Discipline: A How-To Guide to Stop Procrastination (UK Based): https://amzn.to/3mizh0T

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ABOUT ME

I’m the typical Millennial who previously spent everything she made (though it wasn’t much), but decided to pursue financial freedom – something the schools should’ve taught us!

I believe everyone has the capability to be financially free, whether you’re an Entrepreneur or an Employee. My goal is to help you realise that you can achieve anything you put your mind to!

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DISCLAIMER PT 2: Please note I am not a Financial Advisor or Employment Lawyer. The content presented in this video are personal opinions and for entertainment purposes only. You are responsible for the financial decisions you make!

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Will Uk Ever Be Debt Free, HOW I RACKED UP £16,000 DEBT: My Debt Free Journey Pt. 1 | My Debt Story UK | Dealing With Debt.

Debt Relief Reports Are Easy To Come By

Being debt complimentary appears to be simply beyond the reach of Americans today. In other words, it is not going to take place over night or quickly. The job is done by your credit history and credit report.

HOW I RACKED UP £16,000 DEBT: My Debt Free Journey Pt. 1 | My Debt Story UK | Dealing With Debt, Enjoy new videos about Will Uk Ever Be Debt Free.

Suggestions On How To Leave Debt Forever

With the secured financial obligation combination loan, you can make your life debt-free. You will find there are a lot of advantages that feature both secured and unSecured Debt. It exists but nobody desires to speak about it.

There are two types of financial obligation the secured and unsecured loan. The secured loan are the for which you need to offer security to the bank. The financial institution can settle the outstanding debt by selling your security. The unsecured loan is the financial obligation in which financial institutions do not take any collateral but the interest rate charged is very high. The unsecured debts can be removed quickly due to lack of authority for the creditor to recuperate their cash. This brings the negotiation part. If you are not going to pay the whole amount then financial institution can refrain from doing much legally to recuperate their cash. In secured debt if you file for insolvency creditor still have choice to auction your collateral and recover their expense. This part is missing out on in the unsecured debt.

UnSecured Debt is financial obligation that is not Secured Debt-it isn’t connected to any specific properties. Simply due to the fact that a debt is “unsecured” does not indicate that you can not be demanded the debt. On the contrary, it implies you should be taken legal action against in person for the debt collector to gather any money. The creditor then “enforces” the judgment against you by garnishing salaries or connecting accounts. But this can be challenging for various factors.

Making you unsecured debt manageable with an unsecured debt consolidation loan is the finest method to get your interest payments down and only have to make one payment per month. This works by protecting a loan from a consolidation business to take over the balance on your unsecured financial obligation. With this type of loan, you will be paying your debt consolidation company back with a smaller rate of interest. In addition, you will not need to make five or 6 payments to separate business. You will just need to mail out one payment monthly.

In any debt decrease program, balances with the most significant amount and at the greatest interest rate must remain in the concern list to be gotten rid of. There are various ways to eliminate these high rates of interest balances. Amongst the popular alternatives are: balance transfer to charge card that have low interest rate; and you can likewise get a personal loan at low interest rate to clear off the debts that charge high rates of interest. The bottom line is, the accounts with huge balances and high rate of interest will snowball the financial obligation quick, so they must be eliminated first. This is one of the fastest methods for you to work the method toward living Debt Free.

Credit card settlements may be much easier given that the debt is long-lasting Revolving Debt. The lender wants you to keep their card and continue costs. It doesn’t harmed to try energy business if you lag on their payments.

On the flip side make certain you represent all your spending. Every last dollar you invest needs to be in your budget. Home loan payment, lease, electrical power, car payment, charge card payments, insurance, childcare, medical, cars and truck upkeep and any other monthly expenditure. Also if you make a one-time purchase then you require to figure out where in the budget plan that fits and add it too. So if you buy a hammer at the hardware shop then you much better have a line item in the month-to-month spending plan to account for that purchase.

The fact is you will never become financial obligation totally free unless you have the right path to efficiently participating in the bankruptcy process. This is why it is so important to deal with a genuine insolvency attorney. This would just be the finest course to follow.

This will ensure additional earnings which will definitely help in paying of your debts. For example, a nineteen years of age can have an 800 credit rating however they can’t always buy a house, right?

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