If you find yourself deep in debt, there are various solutions available to help you out; however, you need to carefully weigh all options before you settle for any one. Given below are some tips that you may find helpful.
Do it yourself
The best thing is to be able to manage your own finances independently. What you must do is create a plan and set a time limit to each debt. Once this is done, go ahead and work out a budget. If you think you require a larger income, why not take up a part time job; this would mean additional income at hand to clear all your dues. Make sure your pay cheque heads straight to your bank account and use the auto debit facility to pay off your bills.
You can also get some consolidation or loans for people with bad credit guidance, but it is important to choose the right company. Preferably, go in for a non-profit settlement company, who will help negotiate with your creditors, and you could even get a reduction of 50 – 70 per cent off on your dues. But be wise, make sure you read the contract properly and get things in writing, so that there are no hidden fees involved or miscellaneous expenses to be paid.
You can go to a credit counselling agency, and pay them one single payment monthly and they will do the needful, that is, pay your creditors for you.
Cash Out Refinance
Be careful before you decide on this option. It is the option of using your home as collateral to get a loan with low interest rates. But if you don’t pay up, you stand to having your home repossessed.
Given above are but a few tips to help you out of your debt situation. However, it is imperative that you analyse each option carefully and only go for one which you find most fitting according to your individual situation.
Money problems occupying your thoughts? Juggling with debt? Stress levels through the roof? Sometimes a bubble bath or good film just isn’t enough to get rid of stress. Many people are constantly worrying about money and rising levels of debt can cause serious health problems. In a search for solutions to this problem, some people are turning to arts and crafts.
Stress and worrying can occupy the mind to the point of distraction, and even cause physical problems in the long run. Symptoms of stress include poor concentration, moodiness, irritation, poor memory and lack of sleep. These can eventually lead to physical problems such as stomach complaints and lowered immune system. The secret is to channel stressful thoughts into something practical, and arts and crafts can direct thinking along a positive creative flow.
Getting involved in sketching and painting can provide hours of distraction from anxiety, while making something from wood or following a knitting pattern helps forget nagging worries. By directing attention away from problems temporarily, stress can be lessened at least temporarily. The process of following a pattern or plan to make an object or a painting takes time and patience, and is a welcome relief from debilitating stress.
Painting and craftwork can also provide a long lasting hobby that can, with enough time and skill, even turn into a money making venture. Learning an extra skill is an investment in the future, and when stress levels return to normal arts and crafts are something that provide lifelong enjoyment and can be passed on to future generations.
The best part of using creativity in the short term to combat stress is that it helps to restore some of the emotional and cognitive problems caused by stress by improving concentration and focus. With classes to learn painting and making in most towns and cities, beating stress has never been more creative.