Borrowing more money to get out of debt OR “out of the frying pan & into the fire” 

Most people would advise that to borrow money to pay off debts is a bad idea and generally I would agree. However, If it’s possible to raise funds at a cheaper rate to replace existing borrowing, then this will mean lower interest rates mean more of your cash goes towards repaying the actual debt rather than just servicing the interest. Those with big debts may save thousands a year in interest by being more sensible with their borrowing.

Talk to the people you want to hide from….

When you accept that you’re in debt most people will hide from their lenders!!!

I cannot stress how important it is to get on top of debts as soon as possible. Do no’t default or miss payments.

Contact your lender as soon as possible and let them know if you’re going to be unable to pay. It’s always better to talk to them although measures such as reducing interest, expenditure are the best course of action.

More soon…

Alex.