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How can I get my debt under control?

Over the last two years that there is no doubt that more and more people in the UK have seen their budgets stretched to the limit and their debts increase. Even though officially the recession is over and the UK economy is now moving back into a growth phase the situation has not improved for many people in the UK. So how do you get your debt under control?

One of the first tasks which you need to do, honestly, is to write down all of your debts, all of your assets, all of your income and write down a detailed monthly budget. You need to be honest with yourself, you need to cut back on luxury items and luxury services and you need to start and live within your means. Once you have confirmed your budget, your income, your assets and your debts then you can set about looking to use your assets and your income as best you can to reduce your debts.

There are many options available which include consolidating your debts into one long-term loan or using your assets to pay off your debts. You may well need to take professional financial advice to rectify a situation but this is better than burying your head in the sand and hoping it will all come right in the end.

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