Christmas is now over and its time to take stock of the financial impact it may have made on you. If you have borrowed heavily on credit cards to fund your spending, then you will be waiting for that harsh reminder to land through the letterbox, when the January statements arrive.
It’s very tempting to go out and spend, spend, spend when you’re bombarded with offers on Black Friday, Cyber Monday and all of the sales that follow this fairly recent phenomenon of online shopping bonanzas in the run up to Christmas.
If you have overstretched then January is the perfect time to take stock of your personal finance plan. And if you don’t have a personal finance plan, then now is the perfect time to start.
If you have a lot of credit card debt, then you can look at consolidating that debt by switching to a 0% interest option, then work out a personal payment plan you can afford to clear your debts within the twelve-month period you will pay no interest.
It’s a sad fact that a lot of people fail to clear their debts from the previous year, before they start the same cycle again. And so go on to add more debt to their current.
Be realistic about the amount of money you can afford to pay off each month, and above all stick to the plan and keep the payments up, it may seem a daunting task now, but if you stay rigid to paying off your debt, then in a year from now calculate how much debt you will have cleared, and use that as a focus point to aim for.
For some though the hole will have just become to big to claw back, and if this is the case, then there is professional help out there to give you guidance on the best methods to help you out of a bad debt situation.
Mortgages are the biggest expenditure you will usually pay out on a monthly basis, and if the crunch comes to the crunch with regard to clearing debt, then to sell your house fast to clear debt may be the best option you have.
This is of course dependent on the amount of equity you have in the property, but if you have the means to sell your home and debt free, then sometimes this is the quickest and best option that helps you to move on.
There are companies out there who specialise in buying property quickly, though make sure you do your research and find a reputable company such as Wirral Property Solutions who operate in the Merseyside area.
Hopefully it doesn’t come to the point where you have to sell your home to move on with your life, but never the less January is the perfect time assess what you need to do in clearing your financial worries, and look forward to a better year ahead.
So take some time to think things through, and put a solid plan together to achieve your financial goals over the next twelve months, and make it your best year yet.