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Manage Dept Or Struggle; your money With Financial Expert.

Byline: DAVID DALY

PEOPLE in modern Ireland are having to watch every euro spent or taxed. Here financial expert David Daly guides you through the complex worlds of investments and personal finances

Q I OWE more than EUR40,000 to my creditors and I don't know how to pay off my debts and become debt free. Can you give me any advice I'm at my wits' end?

Kieran H, Donegal

A KIERAN, the first thing you need to do is commit yourself to no new debt.

Cut up all credit cards except for one to use in emergencies. Are you late on any of the payments? Do you have enough income to cover the minimum payments? how good is your credit score?

Your approach depends on these answers, but i can tell you that if you're behind on payments, you can negotiate settlements with your creditors.

You also need to immediately do up statement of income and expenditure so you can work out a budget of what you need to live on and stick to it.

If there is any money left over after your essentials are paid for, divide it up among your creditors.

If you feel you would not be able to do it alone then i would recommend you taking on the services of a professional debt management company. check out debtfix.ie for more information.
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Title Annotation:Features
Publication:The Mirror (London, England)
Date:Jan 26, 2011
Words:229
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