It’s a twist on an old cliche, yet sounder advice was never given - “When in Debt - Don’t”. Altogether too many people have a bad habit of breaking out the plastic when cash is not on hand for purchases which may not really be needed at that exact moment in time.

If you heard it once, you’ve heard it a thousand times especially during your formative years, “When in doubt, don’t.”

Time to use some wisdom

This is especially true when it comes to racking up the debt. In fact, some UK consumers are getting wise to this basic principle of life as they are even putting off some of life’s most important moments until they have the savings to accomplish their goals.

When responding to questions put before her by the Telegraph, leading consumer finance expert, Clare Francis, stated that many couples (at least 10%) are delaying marriage by as many as three years and once married, are putting of starting families (8%) for the same length of time.

Unfortunately, this trend has not yet become widespread as is evidenced by the number of homes in forbearance or in the midst of repossession proceedings. While it is true that there are times when workers are made redundant through no fault of their own, such as during restructuring of companies, there are other times when it is just too easy to borrow against equity or to max out credit cards on a whim as opposed to necessity.

Don’t be afraid to seek for help

The bottom line for those in the serious throes of debt is to seek expert counsel on viable debt solutions. In recent years, government has given its stamp of approval to a number of acceptable means of dealing with debt such as Individual Voluntary Arrangements, Debt Relief Orders and Debt Management Plans.

No one solution is right for everyone so it pays to talk to a qualified debt counselor to find what works best under your particular circumstances. However, there is one wise counsel which works well for everyone, no matter how deeply indebted they are. “When in debt, don’t!”

May try Debt Free me

Founding members of the nationally recognized and well-respected Debt Resolution Forum, Debt Free Me, provide free advice on various debt solutions open to consumers. Each set of circumstances requires a totally different debt resolution plan, and the only fees charged will be for services contracted through Debt Free Me.

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