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Securing a mortgage is a significant milestone on the path to homeownership. However, for individuals burdened with existing debt, it’s normal to have questions, such as: Can you get a mortgage with debt? How does equity release work? This article will delve into this topic and explore the options…
Start by understanding your financial situation. List all debts, their interest rates, and monthly payments. This helps visualize your overall debt. Next, prioritize. High-interest debts generally need to be paid first. However, the “snowball method” recommends paying the smallest debts first for motivational boosts. Thirdly, create a budget. Allocate…
Paying off debt delivers instant peace of mind and long-term financial freedom. It reduces stress, improves credit scores, and increases disposable income. Freedom from monthly payments provides flexibility for unexpected expenses. In the long run, debt elimination fosters wealth accumulation. It allows money previously sucked by interest to be…
Are you pacing nervously and wondering how to pay off your credit card debt? Very likely. According to the latest statistics, over 75% of people have some debt. Yes. This means that 75 of every 100 people reading this post have debt. Also, statistically speaking, you only pace and…
Becoming debt free is as much a matter of mentality, or your beliefs and attitudes, as it is about numbers and spreadsheets. Don’t believe me? Hear me out and then decide whether you agree with me. And whether you are ready to work to transform the ways in which…
What happens to my debt if I die? This was the question racing through my mind when we had £100,000 worth of consumer debt. I also knew we had already messed up our sons’ future royally. Morbid? Probably. Practical? You bet. I didn’t want to leave our sons to…
You know that we just paid off all our consumer debt. We paid off all shamefully and inappropriately high amount of it n three years. Smooth sailing it was not and, looking back, how to become debt-free has three stages. Naturally, I published a post about it. I wanted…
You need a mortgage to buy a house. You also likely have debt; after all, who doesn’t have debt these days? And the question you ask yourself is will debt affect getting a mortgage. I will give you the short answer first, and please forgive me for sounding like…
There is one reason you are in debt – you spend more than you earn. It is not rocket science; it is a matter of first-grade arithmetic. If regularly spend more than you earn, you will be in debt. “Ah, now I understand’, you are thinking. ‘But if that…
After working out what debt you have, it is time to decide which debt to pay off first. There are different schools of thought, and various personal finance gurus will offer different counsel. I will not tell you what to do or which debt to pay off first –…
What debt do I have? Many readers ask this critically important paying-off debt question– having a clear picture allows you to calculate whether you can pay it off, and make decisions about specific ways to approach your debt and the order in which to tackle debts. Knowing how much…
You dream about debt freedom and the thing left to figure out is how to pay off debt. I get it. Dream, line and sinker. Living under a mountain of debt is stressful. For years Ostrich has been your favourite yoga pose. You have buried your head in Netflix shows,…