Debt Challenge - Can Credit Cards Help

Want your credit cards to do something for you? http://debts-challenge.ecreditdirectory.com

When you are in debt, one of your worse fears is how to manage this debt so that it does not rise further. The answer can be Credit Cards.

You can use your credit cards as a project to manage your money.
Every day, spending a few minutes checking your expenses and daily spending, can very soon get you out of debt.

Yes, that's true! You'll find that the focus you give to managing your debts will start you on the road of taking complete control.

Using credit cards with 0% interest rate would be your first step in this direction. The link above will take you to a site which offer over 10 such sites. The sensible way of using these cards is to watch your dates carefully and then move balances as the date arrives for paying interest on your loans.

You obviously have to be very focussed so that you don't build up debts on them. But you can use them to clear off one card at a time.

Remember, the only person who can take complete control of your expenses and debts, is yourself.

Aine Callan - www.debts-challenge.com


Debts Challenge - Have Fun In Debt

The Mortgage Challenge

How often have you been tempted to spend some of the collateral in your property? Imagine spending some of the money on a luxury holiday, revamping your home or just putting some extra money into your current account so that you don't have to worry about the utility bills.

But then also imagine, instead of leaving an inheritance for your children, you leave a big mortgage.

A new mortgage has been introduced, named the 'inter-generational' mortgage. This enable a person to just pay the interest only with the capital sum remaining unpaid until the death of that person, the mortgagee – then the children of the mortgagee will have to decide if they want to take on the mortgage or sell the house. (Bearing in mind that the children may themselves be tied in with their own 'inter-generational' mortgage.)

Obviously there are concerns whether this is actually a good scheme. Even though it is cheaper at the beginning of the term, in the long run it works out much more expensively for the mortgagee. How, for instance, would people be able to pay the mortgage when they are in retirement?

It appears that the only people who would benefit from this would, surprisingly, be the mortgage landing companies.

Are we surprised though?

Aine Callan
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Debt Challenge for Bank of England

It was reported this week –( last part of October 06) - that the Bank of England are very concerned by the fact that approximately 80% of personal debt in the UK is made up of loans secured against homes, such as mortgages and re-mortgages.

This is a major challenge situation in the arrest of mounting debt for the Bank of England. We all know that the repercussions related to this type of debt have far reaching effects and take many years to overcome.

They are also concerned that as well as this debt, other debts, such as credit cards now amount to over £1,000bn.

News this week regarding personal finance and property prices has generally been very negative and it has also been reported that many more people are going bankrupt or taking out IVA.

Debt agencies said that they are seeing an increase of approximately 50% in debt problems, over the last six years. The mountain of debt has been silently growing but is now coming to a head.

Yet at the other end of the financial spectrum, house prices have been reportedly rising each month. This was not anticipated earlier this year but it appears that no matter what the financial experts say about property, they hardly ever get it right. Who can blame them? Money is such a mystery! Pity debt is'int.

If you have money concerns, well guess what? Believe me you can be happy in debt.
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