3 min read
We’re all familiar with the concept of New Year’s resolutions. It’s the idea of making a promise to do better, make a change, or grow as a person.
Some may choose to join a gym, travel more, or quit smoking. However, the New Year is also a time when many choose to resolve their debts. According to The Independent in January 2018, the average person would dedicate around £4,600 to their New Year promises. A large sum, it’s believed this fee is used by many to get in better financial shape, such as through resolving credit card debt.
Although a great idea, more than half of people making New Year’s resolutions haven’t identified where the additional funds would come from in order to achieve their goals.
Of the people polled as part of the research by the Independent in 2018, more than 10% said they would have used a loan to achieve their New Years resolutions. Furthermore, around 25% said they would have used a credit card. Getting out of debt is an admirable goal for 2020 but there are better ways to do it than these means.
For example, an IVA can freeze interest and charges and could eventually write off considerable amounts of unsecured debt, upon successful completion. Alternatively, for smaller sums, a Debt Management Plan could be the best option depending on your circumstances.
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While the goal itself could have been too ambitious, there’s no argument that making these changes is hard. Only the most dedicated, motivated people really stand a chance of fulfilling their New Year’s promises.
Therefore, when dealing with your debts, it’s worth bearing two things in mind: