Money Management Episode 4: How to get out of Debt
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Shaz looks at why debt is a part of most people’s lives and the actions you can take to get out of debt along with the options available if you can’t.
\\nIf you take the time to effectively manage your debts you can lower the amount of interest you need to pay and shorten the length of repayment.
\\nBudgeting is a key part of building a successful personal and business life and if you focus on effective budgeting you will be able to remain out of debt.
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KEY TAKEAWAYS
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- A mortgage is a debt but if you pay off the debt the asset becomes yours. \\n
- An offset mortgage can save you money over the period of the loan. \\n
- If you are in debt you need to come up with a payment plan to get out of debt. \\n
- If a payment plan isn’t possible you may need a debt relief order, an IVA or to file for bankruptcy. \\n
- If you are in debt speak to the people you owe money to and try to arrange a plan to pay them back. \\n
- If you have a high-interest rate on your debts it may be worth moving the debt to loans with lower interest rates. \\n
- Being in debt can have a huge impact on all areas of your life. \\n
- Budgeting is part of the foundation needed to build a successful business and personal life. \\n
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BEST MOMENTS
\\n‘Debt does feature in most people’s lives in one way or another’
\\n‘Organisations want their money back so they may accept a payment plan’
\\n‘It’s best to try and budget effectively and not get into debt in the first place’
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VALUABLE RESOURCES
\\nshaz@aaa-accountants.co.uk
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ABOUT THE HOST
\\nShaz Nawaz is a serial entrepreneur; he owns five thriving businesses in diverse sectors.
\\nShaz is committed to helping business owners build successful businesses. Having conducted over 3,000 business growth consultation he has helped his clients generate millions in additional profits. His purpose is to inspire business owners to build businesses that are hugely profitable and sustainable.
\\nHe is a huge advocate of having multiple streams of income. He has written a number of business books and regularly contributes articles to mainstream media outlets.
\\nYou can find Shaz on:
\\nThis show was brought to you by Progressive Media
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