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How To Stay On Top Of Your Finances In 2022 – Dealing With Debt Without The Stress!

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How To Stay On Top Of Your Finances In 2022

If you are trying to stay on top of your finances in 2022, we wanted to give you some help and strategies that will allow you to get back on track. The reason that we decided to write this article is because 2022 is certainly shaking things up financially.

The main difference in a financial sense is the rise in the cost of living. In the UK, the main areas where you will notice a big change is the cost of energy bills, the cost petrol which has been widely documented and also tax rises that are planned already in place by the time you read this.

If you have found that your debt is getting out of hand, here are some suggestions that will allow you to make the most of the resources available to you and make sure that your finances stay manageable.

Use the suggestions below and you will be able to start moving forward and deal with debt, even if you are not in debt currently the following strategies will help you to manage your money more effectively.

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  1. Deal With Debt Head On!

The first thing that you will want to do, however difficult this is, is to work out exactly how much you owe. This of course means all of your outstanding debt, also take into stock the payments coming out of your current account and go through with a fine-tooth comb.

This may be difficult to do especially if you have a lot of debt or you are unsure of how to pay it back. However, even if you went straight to a debt consolidation company this is exactly the exercise that they would have you do straightaway.

By doing it yourself you will be able to see how much you owe, the other thing that will help with this exercise is remembering that you are doing it to be able to tackle your debt. This is not an exercise to make you feel bad, it will help you take stock and work out exactly how much you owe and at what rate.

  1. Consolidate:

The next step, especially if you have a lot of debt from different sources such as credit cards to work out the rate that you are paying. Most of these cards will give you a free 0% deal, if the balance is not paid off can quickly be paying a lot more in terms of the percentage.

By making sure you know how much of the percentage you are paying it will help you to try and consolidate the debt. To do this you can look up advice on debt consolidation, it essentially means that you are taking all of your debt from different sources and work it into one manageable payment per month.

The other thing that you can do which may save you time and any bad marks on your credit report is to try and seek a consolidation deal yourself, this is where you contact the company and let them know that you are trying to pay your debt back and ask for a consolidation deal.

Alternatively, you can use a debt consolidation company but make sure that you do your research to find a good one.

  1. Transfer To A 0% Rate:

One thing that you may be able to do, is to transfer your credit card debt onto a 0% balance card. The best way to do this to look up some of the best deals and the longest terms that will offer interest-free payments.

The way this would work quite simply is by paying off your debt on one card which is charging you a high percentage, you would then be paying the new card off at a lower rate and have longer to pay.

The main thing to remember here is to make sure that you do a lot of research on the best rates and read any small print beforehand. The other thing that you will want to do is make sure that you don’t get “tangled up”, you can end up in a far worse spot if you do not keep an eye on what you are doing.

The best piece of advice we can give here is to make sure that you know exactly what you need, how much your payments will be per month and how long it will take you to pay the balance off.

As long as you go through everything with a fine-tooth comb, make sure that you are not leaving anything to chance and make sure that you have something that is affordable you can use this very effective strategy.

Also, it is worth noting that most cards that allow a credit transfer will still charge you a fee to swap the balance over. This will of course vary from company to company, make sure that you know any fee that you are being charged.

  1.   Mortgage Payment Debt

If you are having problems with mortgage debt, then we recommend the first thing that you do is contact your provider directly.

If you are not tied into a fixed deal, you will definitely want to have a look at the various mortgage deals and shop around. While we cannot give financial advice, with the way the banks and the rates are going you may want to look at the best low fixed rate that you can find. If you are on a variable rate, you may find that you are paying a lot for your mortgage and the payments will go up.

The government also provide options for mortgage interest support, this may be available to you and is well worth checking out to see if you are eligible. This is essentially a loan from the Department of Works and pensions, and it can help pay towards the interest payments of your mortgage.

Where To Go For More Help?

We hope that the above information gives you some strategies and ideas that you can use to deal with debt. If you are worried about debt or that you feel you need more help, we highly recommend checking out StepChange.

The are a free debt advice charity, you will be able to find plenty of information on their site and you will also be able to get in contact with the team that will give you friendly advice on the best steps that you should take.

Remember, the main takeaway is to make sure that you deal with debt head on and plan out your finances while also looking at available options to you. In most cases, you will find that it is not the end of the world and with a bit of forethought and planning you can get back on top of your debt.