Debt Management Plans (DMPs) are an increasingly popular method of combating spiralling debt.
However, as a result of entering your DMP, the chances are that your credit rating will have taken a bit of a pummelling over the years and the next step on the road to financial recovery is working towards restoring your credit rating to its former glory.
Despite their names being similar, debt management and debt consolidation work differently to help people in different difficult financial situations.
Although both designed to help improve sticky financial situations, taking the wrong approach to your debts could easily make things worse, it is therefore very important to know the difference between the two before committing yourself to anything.
This article has been created to help identify the key differences between the two debt solutions and we hope that we can help you to understand which one might be right for you.
By its very definition history is in the past and without the ability to hop into a time machine is absolutely impossible to change. It would therefore seem to be very harsh that people can still be penalised by mistakes they made with their money many years ago.
It may seem a little unusual to focus on reasons to stay debt free when many people would think that the reasons were obvious.
However, the consequences of falling into debt are far more wide ranging than ever before and therefore we have identified 5 of the most important reasons to ensure that your credit levels stay on the right side of the zero balance.
From buying a house, to the ability to save for a rainy day, there are a huge number of motivating factors relating to making the most from your money but if you need a little bit of added inspiration to get your saving head on, hopefully these 5 reasons will help you to make the right decision for the future.
Debt consolidation is one of the ‘buzz’ phrases in the financial sector. Designed to help bringing spiralling debt back under control, debt consolidation loans work by using one sizeable loan to repay a number of smaller debts to leave one manageable monthly repayment.
Whilst there can be no doubt regarding the effectiveness of these loans, simply taking out a loan is not enough to ensure that your financial problems can be left behind you.
There is still some hard work ahead to ensure that your finances remain under control and avoiding these 5 common mistakes will allow you to take some big steps in the right direction.
Everyway that you turn, times are tough financially. Banks are stricter than ever before about who they are prepared to lend to, and if you want to be able to successfully apply for the mortgages, loans and credit cards which are available at the lowest rates, an excellent credit rating is now a must.
It аlmοѕt goes without saying nowadays, thаt іn thе financial world thеrе аrе few things more іmрοrtаnt thаt уουr personal credit rating.
Wе need tο dο аll thаt wе саn tο ensure thаt іt reaches іtѕ highest possible level аnd whеn іt gets thеrе, wе need tο dο аll thаt wе саn tο mаkе sure thаt іt stays thеrе.