Are you struggling with Debt?
What is debt?
A debt occurs when you borrow from another with the intent of repaying them at a later date. This includes loans, credit cards, and financing. Debts get bigger every week if you are also charged ‘interest’. Interest is an extra charge on the original debt. People often have very strong feelings for or against debt.
Bad Debt:
This is debt incurred to buy an item that will depreciate in value. Examples: vehicle, stereo, clothes, etc. With this type of debt, not only is your purchase losing value, but you are also paying interest each payment. However, this type of debt can be useful in critical times. For instance, if your tyres need to be replaced and you don't have enough money to buy new ones, you could purchase these on credit. Isn't that better than risking a blow-out and potentially having a serious accident? The key is to use common sense. This situation can normally be avoided by planning and regularly putting money aside "for those rainy days."
Good Debt:
A good debt is borrowing in order to purchase something that will appreciate (increase) in value. Otherwise known as an investment. Examples: home, education, business, etc. This debt is only good, however, if you have carefully planned and estimated costs. There is no such thing as a good debt if the balance causes personal frustration, spiritual discomfort, or is difficult to repay.
Not quite ready to show your hand to others regarding your debt?
Well thats ok, because at Manage My Debts we only offer advice. The first bit of advice we will give you before doing anything else is this:
A debt occurs when you borrow from another with the intent of repaying them at a later date. This includes loans, credit cards, and financing. Debts get bigger every week if you are also charged ‘interest’. Interest is an extra charge on the original debt. People often have very strong feelings for or against debt.
Bad Debt:
This is debt incurred to buy an item that will depreciate in value. Examples: vehicle, stereo, clothes, etc. With this type of debt, not only is your purchase losing value, but you are also paying interest each payment. However, this type of debt can be useful in critical times. For instance, if your tyres need to be replaced and you don't have enough money to buy new ones, you could purchase these on credit. Isn't that better than risking a blow-out and potentially having a serious accident? The key is to use common sense. This situation can normally be avoided by planning and regularly putting money aside "for those rainy days."
Good Debt:
A good debt is borrowing in order to purchase something that will appreciate (increase) in value. Otherwise known as an investment. Examples: home, education, business, etc. This debt is only good, however, if you have carefully planned and estimated costs. There is no such thing as a good debt if the balance causes personal frustration, spiritual discomfort, or is difficult to repay.
Not quite ready to show your hand to others regarding your debt?
Well thats ok, because at Manage My Debts we only offer advice. The first bit of advice we will give you before doing anything else is this:
- You need to prepare your own Personal Financial Statement to get you on the right track so you can Manage Your Debt.
- It is not scary or difficult, but may take a little bit of time.
This will help you decide the right course of action for your future. We will not take on your Debt Management but can put you in touch with a professional organisation that can.
You will not have any one calling/contacting you from "Manage My Debts" and your details (we only ask for an email adress to send you the spreadsheet) will not be passed on or sold to any other organisation.
At Manage My Debts we are only really interested in you being able to "Manage Your Debt" and any help and advice Manage My Debts can give is a blessing to us.
You will not have any one calling/contacting you from "Manage My Debts" and your details (we only ask for an email adress to send you the spreadsheet) will not be passed on or sold to any other organisation.
At Manage My Debts we are only really interested in you being able to "Manage Your Debt" and any help and advice Manage My Debts can give is a blessing to us.
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