Debt Reduction Ideas For 2010

Friday, July 23rd, 2010 Subscribe To Our Feed

I was watching a financial news program last night when I heard an interesting observation from a business professor:

“There has never been a better time to reduce your debts”

Now when you think about this in a bit more detail you realise that this rather educated person is in fact most probably incorrect. How can it be the best time?

The facts are quite clear for all to see; unemployment is rising, money is scarce and people’s earning capacity is not what it was. For this reason I can not understand as to how he feels that this is the best time to reduce our debts; the reality is that this is a time when the majority of people have a real lack of money!

Now before I continue I must make it clear that I am not a debt specialist and that what you read within this article is purely my opinion. Please therefore do not take the information as “financial advice”. I am merely an average man from England who is involved in various industries including offering clairvoyant readings, working part time in a Belfast gym and I also sell Chocolate shampoo which is extremely popular due it being paraben free.

In another way I can actually see where he is coming from; unlike in past years when people could seemingly borrow as much money as they wanted to, the times have now changed and credit is much harder to come by. The companies that we owe money to are also deep in the mire. This then could be the ideal opportunity to strike up some kind of deal.

What kind of deal are you talking about? Well quite simply these companies are also in need of cash and many people are not keeping up their debt repayments. By contacting the company, in writing, and stating that you are eager to pay off the debt but that the interest rates are crippling you in these problematic financial times. Offer them an amount that you could afford to pay on a weekly or a monthly basis and ask them to confirm if this is suitable to them. There are certain ways to write these types of letter and it may well be prudent to ask a debt specialist to contact these companies on your behalf.

So maybe, perhaps maybe, this professor was in fact correct. What do you think?

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