10 TIPS TO GET OUT OF DEBT WITH THE M.A.N.A.G.E. D.E.B.T. SYSTEM

British and American household debt had reached record levels, despite high employment, low taxes and historically low interest rates. In the UK, the TUC has called for higher pay rises to solve the problem, but we know that is not always the answer. If you cannot manage small amounts of money, chances are you will not manage larger sums. Unless you change your habits, that par rise or bonus will be blown on more stuff or another holiday before you even receive it. I cover more on managing money in my book on money, but in the meantime, here is:  THE M.A.N.A.G.E. D.E.B.T. SYSTEM – 10 TIPS TO GET OUT OF CONSUMER DEBT FOR GOOD: M.A.N.A.G.E. D.E.B.T. MAKE A LIST AXE NON-ESSENTIAL OUTGOINGS NEVER PAY THE MINIMUM PAYMENT ON A CREDIT CARD APPLY FOR A BALANCE TRANSFER CARD GENERATE EXTRA CASH ENTITLEMENT TO BENEFITS OR WELFARE SUPPORT DON’T IGNORE BILLS OR DEMANDS ENTER INTO AN ARRANGEMENT BE PROACTIVE AND ASK FOR HELP TAKE YOURSELLF OFF CONSUMER DEBT FOR GOOD Bonus Tips 1. Never use expensive payday lenders, unless you have no other choice, and especially unauthorised doorstep lenders will charge you a small fortune interest. 2. Start building your credit rating by making repayments on time and clearing credit cards faster. The higher your credit rating, the more access you will have to cheaper finance and the less you will be dependent on expensive credit. Word of the Day IVA Individual Voluntary Arrangement In England and Wales, an individual voluntary arrangement (IVA) is a formal alternative for individuals wishing to avoid bankruptcy. The IVA was established by and is governed the Insolvency Act 1986 and constitutes a formal repayment proposal presented to a debtor's creditors via an insolvency practitioner. Usually (but not necessarily), the IVA comprises only the claims of unsecured creditors, leaving the rights of secured creditors largely unchanged. Insolvency practitioners charge initial and ongoing fees that are in addition to the debt. An IVA is a contractual arrangement with creditors and can be as flexible as an individual's own circumstances; they can therefore be based on capital, income, third party payments or a combination of these. In this process, a debtor who has enough money left over after priority creditors and essential expenses, may be able to arrange an individual voluntary arrangement. Based on taking independent advice, debtors with less serious problems may wish to consider a debt management plan. The procedure for businesses is the company voluntary arrangement. There is also Administration where the business is effectively run by an appointed administrator. In the US, companies can take advantage of Chapter 11 rules and many companies have come back from this, including some owned by Donald Trump There are more examples and practical steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon http://bit.ly/2MoneyBook. See also: How to get bursaries and assisted places for top private schools