The Credit Crunch was great fun for everyone. It seemed over the space of two years everyone became poor and the potential to financially develop dried up. Jobs evaporated, businesses fell and banks started calling in loans and repayments that all seemed like such a great idea when the Mitchell brothers still ran Albert Square and David Beckham was a standard feature in the England starting line-up.
People had a funny way of viewing debt back then. It was something that no one ever openly revelled in, but every bloke down the pub had a subprime mortgage and four store cards. To be on debt management back then meant you had a serious problem. A bit like recreational drinking, it is fine to drink leisurely and have an occasional binge, but if you have to go to hospital for alcoholism everyone suddenly treats you with disdain.
However, post credit crunch people have a reason to be alcoholics; people also have a legitimate reason to be on debt management. It is not unheard of for people in their early 20’s to start signing on to debt management. Especially for those who have just left university, the real world is a cruel place, made even harsher by banks who seem all too generous to hand out loans and credit cards when you are a student. The second you graduate they send you letters in the mail tantamount to death threats.
Debt management makes fiscal sense. It provides a program where repaying your debts is made in a fiscally responsible method. To have your loans consolidated into a monthly affordable figure and to be provided a budget is a sound way of repaying the debts you have accrued. People are inherently proud, especially when it comes to money. The taboo lies in the fact that you are surrendering some of your freedoms to pay off the debt. However, needs must….
Debt creates more debt and it is very difficult to get out of it without making certain sacrifices. Sacrifices are difficult to make independently, but a debt management program can make sure you make the most effective and financially sound choices to pay off your debt as quickly as possible. That way you can start effectively planning for the future and begin to build an economic base to live your life off.
It can be a bitter pill to swallow, but in the long term it is the smart choice. Short term decisions are what made the Credit Crunch happen in the first place. You don’t need to look back at your university years or your ‘Harvey Wall Banger’ days with a pit of guilt in your stomach. To get in debt it was either as an act of necessity, or under the banner of having a good time. Now you can smile proudly and sign up for a debt management plan that lets you pay that debt back in the least traumatic way possible. Just don’t get a payday loan…..