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Monday, March 3, 2008

DEBT and What do you Do ?

DEBT a four letter word to many yet to others they have never been in debt. Why ? Well simple reason is some know how to manage money while others want what they want when the see it . Its called an instantaneous world we live in .many of us were never taught how to set up a monthly household budget or stick to it.Debt Management can be one of the most important things you learn about before you become of age. I highly reccommend for every student in the high school grade level to take a course in debt management before they learn they hard way . I see so many students now receiving offers for credit cards, they have no credit, they have no knowledge of budgeting. But they see this opportunity to get a credit card and buy the HD TV for their dorm or a shopping spree. Little do they realize that by accepting that credit card they have actually made themselves easy prey. Once they receive one card then what happens?? YES you got it another company will send another credit card with more on it and offer to pay off any outstanding balances owed on other cards. So now you see the circle.If your local school does not offer classes in finance then think about taking a class at your local college before you learn the hard way. Getting into debt is so much easier then getting out of debt. The internet also offers much information about debt and what you should watch for.There are many sites that want to educate you so you will not be the next person filling for bankruptcy.One rule I have tried to follow all of my adult life is if I see something I really like , then wait 2 days and still see if I really want it in two days. If so then I start to save to obtain that object and pay cash for it.






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Free Financial Advice In UK.

Yvette Cooper the Housing Minister says that "Getting some free, independent and trusted guidance can make all the difference and can help families manage their budget and get a better return on their savings. It could also help prevent people getting ripped off by loan sharks or caught out by the small print on a dodgy financial deal." Here in the USA we have very many problems with the current market and mortgages. I think that this is a great idea to have this type of information readily available and free no less for everyone .Always check out more then one mortgage company and see what each one offers such as
UK Mortgages . I have a feeling that we are going to learn from this new venture that UK has come up with.many young people have no clues when it comes to getting a mortgage let alone on how much they can even afford for a mortgage each month.I truly believe that by teaching our kids in high school about things of this nature would be so helpful for them when they actually get into the real world . Teaching them about managing debt should be the first thing along with how to set up a monthly budget. Here we are seeing more and more young college students purchasing homes while in college. With real estate being such a good return on one's money it's no wonder. The Uk already offers free advice for couples in a large amount of debt and this would be an even greater help to just the average family.My belief is that of we along with the schools can teach the younger generation about budgets and mortgages that we would see a lot less bankruptcy.I will be anxious to see how this free financial advice will help the UK with their market, retirement and also mortgages.Citizens Advice and the Association of British Insurers have both responded positively to the Thoresen Review which a part of the new proposal.