Debt Relief Key Points
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- Debt becomes 'bad debt' when you become unable to make the monthly repayments, or are limited to paying back only the minimum each month, which would mean that you would never be able to clear the debt. Bad debt relief comes in a variety of forms; you could take a bad debt consolidation loan, or use equity from your property or a mortgage loan to pay off the debt.
- Think carefully before securing any debt against your property, because unless you manage your finances prudently once you proceed with this type of bad debt relief, you could be in danger of losing your house.
- The whole point of bad debt relief is to alleviate the financial pressure of debt. It is important to see bad debt relief as a change of lifestyle, meaning that you need to commit to dedicating all of your available finances to freeing yourself from debt. Therefore, cut up credit cards and store cards once you have paid them off and aim to live within your means.