Bad debt crisis is hovering Asia region.
In 2012 South East Asia’s total debt was US$22.9 billion. In 2011 it was $14.6 billion. ICICI bank sold 500 million Yuan of 2015 bonds in September 2012, 83% more than of 2011.This was issued in India and Asia pacific countries.
These figures show how much Asia will need debt management programs. May be Asia is going the European way! These signs are warning signals for people as well as governments to take preventive measures.
The burden of the debt can make life stressful. Enrolling in a debt management plan would be wise if you are in a financial crunch. Debt Management Plans are a systematic approach to clear off the debts. This structured workout proposal is an agreement between client and creditors. A third-party provides this service and they work in terms with the creditors.
If your total debts come around $7893 from 2 different cards and the other sources, and the current monthly instalments work out to be $ 534, then after adopting the debt management plan your monthly instalments can come down to $ 230 giving you the least of $ 299 as the savings.
Personal debt in UK itself has culminated to £1451 trillion. The household debt excluding mortgages is £7,948 trillion. The debt all over the world is increasing and various countries have adopted Debt Management Plans and found it successful.
Adoption of Debt Management Plans follows an effective credit counselling session. Choose your credit counselling agency with due care, some may give you false hope. Inform your creditor about every proceeding with the credit counsellor.
Taking up a Debt Management Plan is good, and it will help you to get financial literacy and discipline. None of us want to stay in the debt trap. And a stitch in time saves nine
No comments:
Post a Comment