In all horror movies, the monster is only terrifying as long as it lurks in the shadows, sneaking up from behind and not showing its face. When the monster finally comes out and we can get a good look at it, yes it’s an ugly piece, but there it is and now we know what it looks like. It can’t scare us that much anymore.
The biggest cunning and scary monster that tends to lurk in the dark and becomes completely unmanageable because we don’t bring it out into the daylight and take a good long, no-nonsense look at it is actually a three-headed hydra named Debt. Each head of the Debt monster it has “credit cards,” “mortgages,” and “loans” stamped on their respective fronts.
Read the fine print!
It seems like every time someone advertises something these days, they add the phrase “terms and conditions apply” and this couldn’t be more important than when it comes to credit cards. People rarely read the fine print and this is indirectly trusted by service providers. Read the “terms and conditions” every time it comes to credit cards! There are so many downsides and little catches that will feed that hydra head. For example, you may find that they offer you an unbeatable offer at low interest with an annual percentage interest rate of 11%, but when you go to the small words at the end of the contract, you will find that if you have a deteriorated credit rating this will not apply to you.
Also, the fine print will tell you that the rate applies only to purchases and all other transactions, such as cash withdrawals, will cost you 34%. If you miss some payments, your debt can end up in a snowball that is constantly growing and accelerating. Oprah Winfrey, on one of her shows, gave some good advice. Always pay more than the required monthly fee on your credit card to make sure you don’t end up in the monster’s lair. Sage advice to keep you on top of your payments and out of debt.
Get Reliable Advice When Shopping for a Home Loan Package
Finding the right home loan package is like getting stuck in a maze with Minator. There is only one thing for that. You should seek good advice from someone who really knows how to navigate the maze. Fortunately, the rates have dropped and the deposit requirements are again quite reasonable. As rents have become more expensive, buying property is once again becoming an interesting option in the UK. But if you find yourself in the overextended position and sitting with a mortgage you can’t afford, don’t linger. Contact your lender immediately to discuss reworking your repayment plan. Lenders can only resort to repossession as a last resort. There are also several organizations that exist to help people in these types of situations, such as the Mortgage rescue plan or advice to citizens. You are not just trying to fight this demon named Debt.
Cut off the head of the beast named Debt
How to cut off the last head of our beast? Address loans. You will be surprised by how many people owe money to the bank and cannot pay it back in the form of overdrafts, small loans, and student loans. Most of the problems have to do with unemployment, low income, or poor management and overspending.
Here are some very basic options. First, open another bank account so that your income does not go to the same account as the loan, and then you can make a plan with the bank to repay the loan each month. Start keeping track of your money, keep receipts and a record of what you are spending: budget, budget, budget. Talk to the people you owe money to. Let them know your situation and agree to pay them a nominal amount each month, no matter how small. There are also several charities like CCCS that can probably help you deal with your debts.
In the ancient story of the Hydra, when she loomed over the warrior and he began to cut off her head, she kept growing bigger. The trick was to stab her in the heart. Get to the heart of the matter and don’t ignore your bills. Don’t let your debt pile up in the shadows and be scary. Deal with your debts and the sooner the better.
To sum up:
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Read the fine print every time
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Talk to people you owe money to if you fall behind on payments
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Face your debts, don’t try to ignore them because this will bring you bigger problems.