The downturn in the economy has resulted in many people encountering significant personal debt for the first time in their lives. Loss of employment or a sharp reduction in take home pay can quickly lead to an inability of households to meet their loan repayments or pay their monthly bills. Unfortunately, it is common for many who find themselves in financial difficulty to borrow money or use their credit card. Before long, they are unable to cope with their debts.
Dealing with debt
For those who are struggling to cope with their debt, help is at hand through the Money Advice and Budgeting Service (or MABS for short). This is the only Government approved debt advice agency and they provide their service for free. They have an excellent website, www.mabs.ie, which outlines the steps one needs to take to regain control of their finances.
The path to money management
For those who require personal help, MABS can arrange a confidential one to one meeting with a financial adviser who will work with them to clear existing debts while advising them on how best to budget for the future. Their approach to dealing with debt is set out in a few simple steps:
- Assess current financial position
- Assist in drawing up a Personal Budget
- Negotiate debt repayments with creditors
- Educate on Managing Money
Free budget planner
MABS also provides visitors to their site with a very valuable tool, a free budget planner. This is an excellent resource which can be used by anyone who wants to get a clearer picture of their personal finances. By keeping track of your personal income and outgoings over a 3 month period, one can gain a greater understanding of their current financial position or receive a timely warning to take corrective action if required. The budget planner is available to download here.
For those who find themselves struggling with personal debt, visit MABS or call 1890 283438.
Tags: Budget planner, finance tips
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