Four Steps to Financial Freedom
Written by Robert Bester, Consumer Finance Expert Robert has been a writer for six years, specialising in consumer finance and the UK lending market. Concentrating on consumer credit products, Robert writes informative articles that help customers manage their personal finances efficiently.
17th January 2022
1 minute read
Feeling like you’ve lost control of your personal debt can be scary and isolating, but you’re far from alone and help is available to get you back on track.
The right path to becoming debt free, depends on your personal situation, but if you follow the Money Guru’s four simple steps you should be on the right track to a better financial future.
Feeling like you’ve lost control of your personal debt can be scary and isolating, but you’re far from alone and there’s help to get you back on track.
Last year, the UK’s leading debt charity Step Change saw a 19% increase in visitors to their website. This accounted for almost 4 million visits from people looking for advice and solutions.*
The right solution to getting out of debt depends on your situation, but if you follow these four simple steps from the Money Guru you should be in a great position to detangle your debt and create a better financial future.
1. UNDERSTAND IT
Understanding how lenders view you, and what you can do to improve your credit score is easier than ever. Check out some options from The Guru via our Credit Report comparison page which you can access here >>
2. OWN IT
It can feel daunting, but the first step towards change is acceptance of the problem and writing down what debt you have (including interest), who you owe and how long for. Charities such as Step Change have tools and tips that can help you manage your money.
3. PRIORITISE IT
Priority debt is anything that would severely affect yours or others' lives if not paid. Things such as mortgage, rent, bills, childcare and maintenance, should always come first.
4. CONSOLIDATE IT
Debt consolidation is an option for people who have multiple lines of credit and want to bring all of their debt under one payment. The Money Guru can help you find suitable options here >>