Consumer Debt Free Infographic

Consumer debt infographic download

The following article is written by Personal Finance Blogger Leonard Carter who runs the Wallet Doctor, a money-saving and debt advice blog focused on helping you defibrillate your wallet back to life and improve the health of your bank balance. He has provided us with a brilliant infographic below to get your teeth stuck into!

When it comes to managing debt, many people are robbing Visa to pay MasterCard. This can hardly be called a debt management strategy as maintaining your repayments in this way only guarantees two things:

1)      You delay the inevitable.
2)      You severely limit actual options to deal with debt effectively.

Despite the above, you will still find millions of people dealing with debt in this way. Often they’re either too embarrassed to get help, or they’re hoping that they will eventually sort out the debt themselves.

Handling debt

Whilst there’s nothing wrong in handling your debt by yourself, it’s important to be realistic about your situation. If you’re saving as much as you can, and you’re earning as much as you can, but still find that you’re essentially living month-to-month, then you need to be aware that you’re only one missed payment away from a whole new level of creditor pressure.

For 78% of people, problem debt has undermined their self-confidence and ability to support themselves or their family, but it doesn’t have to be this way.

Making more reasoned choices early-on, and if necessary, reaching out to debt charities can ensure that you are the one managing your debt, and not your debt managing you.

The infographic below, brought to you by The Wallet Doctor, provides insight into the typical debt cycle for many people and shows you how to can avoid the same trap.

Interested in guest posting or writing a sponsored post? Feel free to send me an email (mrmoneybanks<at>multimillionaireroad<dot>com), find me on twitter @millionairer0ad or comment.

1 comment

Nick Dagger said...

I don't need credit for buy antibiotics. I refuse to be an slave.