Debt Reduction Blog 6th August 2008

We have decided to start a weekly debt reduction blog, many people are very conscious of their funds and concerned over what way to utilise any money they have. So starting from today we will have some simple advice on debt reduction. Much of it is common sense but some will (hopefully!) be new information.

First, and most importantly you need to map out your finances, and that’s not as simple as saying ‘I have a current account, a savings account and a few quid with the Credit Union’, by this I mean really getting into your finances and what you are spending money on, account statements, credit card statements and also some idea of any miscellaneous expenses you might have.

Once that’s done you can sit down with a person who is a professional (this can be your broker or accountant), in some cases even a friend who knows more than you do is better than trying to go it alone if you are not financially literate (about which we’ll get back to later). Then you have to examine …

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