Simple Changes Could Make Debts Easier to Repay
Debt management company Gregory Pennington says that making lots of small changes to your spending, rather than a few big changes, could be the best approach to take when repaying debt.
Salford, United Kingdom, June 03, 2011 --(PR.com)-- Repaying debt doesn't always have to involve making big changes to your lifestyle, says debt management company Gregory Pennington - sometimes, just a few simple changes could make all the difference.
Things like buying cheaper brands in the supermarket, switching to a cheaper energy deal or taking advantage of voucher codes and other special offers can all free up money for repaying debt.
The comments come after research by moneysupermarket.com found that one in three people have experienced an increase in their personal debt levels (not including mortgage debt) over the last year, while many feel "debt will always be a part of their life."
A debt expert at Gregory Pennington commented:
"A lot of the time when people decide to knuckle down and start focusing on their debts, they start by looking at the big things that are costing them a lot of money. For example, they might decide to sell their car and downgrade to a cheaper model, completely cut out meals at restaurants or cancel the satellite TV subscription. All of these things can definitely help, but sometimes making several smaller cutbacks - rather than a handful of big ones - could actually be a better, more sustainable approach.
"You could liken it to dieting: if you cut out everything you really enjoy, you're more likely to give up after a short while. The same applies to spending - we all need a few luxuries now and then, so it's often the case that enjoying things in moderation strikes the best balance.
"So, for example, rather than downgrading your car you might want to drive fewer miles each month, saving money on petrol. Similarly, you could eat out at a restaurant once a month instead of twice, or take a jar of coffee to work instead of buying one from a café every morning. When you consider all the little things you pay for in a typical month, it's easy to see that a number of small changes could add up to make a big difference.
"However, this approach alone may not be enough to help people who are really struggling with their finances, especially those unable to repay their debts because of unemployment or an unexpected increase in their living costs. Anyone who feels they are unable to manage their finances or keep on top of debt repayments should seek professional advice as soon as they can."
Notes to Editors
Gregory Pennington currently helps over 50,000 people repay their debts through its Debt Management Plan. The company is part of the Think Money Group, one of the UK's leading financial solutions providers.
Gregory Pennington is a founding member of DEMSA, the Debt Managers Standards Association, which was established in 2000 "to promote good practice in the debt management industry." DEMSA's code of conduct has received Office of Fair Trading approval, under its Consumer Codes Approval Scheme.
For more information, visit the Gregory Pennington website at http://www.gregorypennington.com/.
Things like buying cheaper brands in the supermarket, switching to a cheaper energy deal or taking advantage of voucher codes and other special offers can all free up money for repaying debt.
The comments come after research by moneysupermarket.com found that one in three people have experienced an increase in their personal debt levels (not including mortgage debt) over the last year, while many feel "debt will always be a part of their life."
A debt expert at Gregory Pennington commented:
"A lot of the time when people decide to knuckle down and start focusing on their debts, they start by looking at the big things that are costing them a lot of money. For example, they might decide to sell their car and downgrade to a cheaper model, completely cut out meals at restaurants or cancel the satellite TV subscription. All of these things can definitely help, but sometimes making several smaller cutbacks - rather than a handful of big ones - could actually be a better, more sustainable approach.
"You could liken it to dieting: if you cut out everything you really enjoy, you're more likely to give up after a short while. The same applies to spending - we all need a few luxuries now and then, so it's often the case that enjoying things in moderation strikes the best balance.
"So, for example, rather than downgrading your car you might want to drive fewer miles each month, saving money on petrol. Similarly, you could eat out at a restaurant once a month instead of twice, or take a jar of coffee to work instead of buying one from a café every morning. When you consider all the little things you pay for in a typical month, it's easy to see that a number of small changes could add up to make a big difference.
"However, this approach alone may not be enough to help people who are really struggling with their finances, especially those unable to repay their debts because of unemployment or an unexpected increase in their living costs. Anyone who feels they are unable to manage their finances or keep on top of debt repayments should seek professional advice as soon as they can."
Notes to Editors
Gregory Pennington currently helps over 50,000 people repay their debts through its Debt Management Plan. The company is part of the Think Money Group, one of the UK's leading financial solutions providers.
Gregory Pennington is a founding member of DEMSA, the Debt Managers Standards Association, which was established in 2000 "to promote good practice in the debt management industry." DEMSA's code of conduct has received Office of Fair Trading approval, under its Consumer Codes Approval Scheme.
For more information, visit the Gregory Pennington website at http://www.gregorypennington.com/.
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Gregory Pennington
Melanie Taylor
0845 056 6480
http://www.gregorypennington.com/
Melanie Taylor
0845 056 6480
http://www.gregorypennington.com/
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