Don't Let Debts Take Control Of Your Life; Dealing With Debt*

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For many People Debt Is An Unavoidable Aspect of Life

*This is a Collaborative Post*

There are only a few things in the world which can be so debilitating to a person, (mentally and physically), than being burdened by debts. Seeing no light at the end of the tunnel can really take it's toll. With recessions and economic downturns as well as a rocky international geopolitical landscape, debt is experienced by the vast majority of us. Like many people, I willingly walked in to more than £30 000 worth of debt in order to pursue my dream of studying at university.

Unfortunately there wasn't a trust fund or a 'college fund' or any other such resource, and, with being the first person in my family to go to Uni, the hidden expenses which inevitably accrue were unforeseen. I was quite fortunate in that during the holidays from University I would come home and work in construction as a general labourer. This money was really helpful in taking out some of the sting out of the cost of those few years of 'study' and in contributing to an overall debt reduction. However, I was fortunate as it is not easy to come to an arrangement with someone who will let you show up a few times a year and then disappear again soon after.

Another big help was getting a job a few nights per week doing PR work for a nightclub in the small city I was living at the time. I was lucky to have the construction work as it helped to keep my head above water financially. Most of us will experience debt during our lifetime, whether via credit cards, borrowing for personal, car or business reasons, or even in securing a mortgage, which for most people will be the biggest and most colossal debt acquired.

Debt is construed in the negative generally speaking, but of course there are different kinds of debt. I am not saying that getting a mortgage is a negative thing because for a lot of people as well as being their biggest financial investment it can also offer them a real sense of security. I know for my parents growing up the notion of owning one's own house to them seemed like an intangible representation of financial security.

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Be Aware; There Are No Guarantees In Finance

Of course we know a little more than they did back in the 1950s and 60s, and we are all familiar with the fluctuating nature of the property market; and how in 2008 the property industry like many others here in the US/UK and elsewhere came to a complete standstill. From construction companies to lettings agencies, and everything in between, everything stopped and then everything plummeted. Many a millionaire property landlord became bankrupt practically overnight. Then there was the whole Sub-Prime Mortgage Scandal from 2007-2010; a banking crisis which rocked the United States economy. It is perhaps worth noting that no one in the world of finance, and no investment is 'bulletproof'.

Important to mention I feel, although there is a lot of truth in the saying; 'there's always money in bricks and mortar', you should always be aware that every financial investment you make comes with some element of risk. Even getting a secure looking mortgage. It is better to recognize this as a possibility ahead of time in order to have plans B and C at the ready should you ever require them. It can be difficult to see any way out but it is important to note that there are companies out there who specialize in helping you to get out of your financial difficulties.

Nationwide Debt Reduction Services are one such company, they offer a bespoke service and pride themselves of tailoring a payment plan which works around you and your unique circumstances (With no fees to be paid until the debt is settled). As depressing as the burden of debt can be it manageable in most cases and with companies such as this which also donate to scholarship funds I think it demonstrates that not everyone out there is simply 'after your money'.

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