Don’t rely on Susan Boyle to pay off your debts

The 52 year old singing sensation has revealed that these days she is more likely to receive begging letters than she is marriage proposals from her fans.

With an estimated £20 million fortune, it’s not hard to see why people feel she has the funds available to pay off their debts. However, all of Susan’s money is set to go to family when she’s no longer around and that means the general public should take their begging bowl elsewhere. After all, she only gives herself a budget of between £300 and £500 a week to spend how she chooses!

With her caring and friendly nature it’s understandable that people feel comfortable approaching Susan. The problem is, if you rely upon somebody else to bail you out of debt, you won’t learn your lesson.

Getting yourself out of debt

Instead of asking for other people to help you, there are many things you can do to get out of debt. Firstly you have to understand just how bad the debt problem is so write down everything you owe, your incomings and your current outgoings.

Burying your head in the sand will not work. In order to get out of debt you need to have a good understanding of how much you owe and how much you can afford to repay.

For most people in debt, their outgoings are often greater than their incomings. If this sounds like you, don’t worry! There are ways to get out of it.

Here are just some of the first things you should do:

  • Visit the Citizens Advice Bureau
  • Contact your creditors
  • Create a realistic financial statement

Citizens Advice Bureau

Visiting the Citizens Advice Bureau will help to give you a peace of mind. Run completely by volunteers, they provide free debt advice and can even deal with your creditors for you in many cases. It’s amazing how much better you’ll feel after your visit and it will set you on the right track to overcoming the problem.

Creditors

Contacting your creditors should be the next step. They may be able to freeze the interest and help you organise a realistic payment plan of what you can afford. Not only will this make your debts more affordable, but it will also help with your credit score too.

Payment plan

Before you can arrange a payment plan, you need to create a financial statement. This shows your creditors how much you currently earn and how much money you have going out. You’ll then be able to tell them how much you can pay them back each month until you’ve repaid the debt.

It’s a good idea to check your credit rating frequently to see whether there are any mistakes. Credit Expert allows you to keep an eye on your report to see if anything changes. It tells you when things get added and allows you to spot potential identity fraud early on.

Getting yourself out of debt is easier than ever before thanks to the numerous debt help organisations. You can also monitor your debt problems easily via your credit report.

Sources:
http://www.dailyrecord.co.uk/entertainment/celebrity/susan-boyle-reveals-people-send-2853122