Becoming debt free is the main objective of many people who have build up credit debts, over the last few years.
It is a worldwide problem and in the UK steps are in place to protect those people who opt for protection under the Individual Voluntary Arrangement (IVA) scheme. For a full detailed report on the new code of conduct with regard to the IVA, I would suggest that you read the following, which comes into effect from February 1st.
http://www.guardian.co.uk/money/2007/dec/16/debt
However, according to the Press Association, banks are actually pressurising people to take our further loans to clear off the debts they cannot afford to pay now. What a vicious circle. You can check out their report here ...
http://ukpress.google.com/article/
ALeqM5j5N4Ro7v7P5OBszxBDSKC2yKdRuQ
Obviously there will always be people who slip into debt through no fault of their own, i.e. health, redundancy, recessions etc. but in a lot of cases debt is due to one thing only and that is bad financial management.
I certainly believe that financial management, or budgeting, should be taught from a very early age and in school. It should really be part of the curriculum. The reason why I believe this is because during a period of my life, when helping others with their business plans etc, I was surprised to find that a lot of people did not even know how to fill out a cheque!
Amongst some of the ebooks I have written, you will find a simple system of generating money at http://www.ez4u2gowebbusiness.com/indexmain.htm - this is an eBook which I am going to relaunch and for anyone who purchases it, they will get the updated new version.
It is definitely one way of becoming debt free.
Aine
Debts Challenge
Sunday, December 16, 2007
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