Being young almost predisposes you to debt. Many young people earn less than their older counterparts do, we have high expenses in the form of university costs, rental costs and costs associated with setting up our independent lives. We often have banks chucking credit cards in our direction, and finance for things (like cars) seems like a great idea, when we have our whole lives to pay them off! We know we don’t NEED to go out partying on the weekends, or to buy that new iPhone, handbag and personalised number plates, but c’mon – you only live once, right? It’s no wonder that we find ourselves in debt.
So, what do we do when we realise that our debt is out of hand? We could contact the parentals, but really – none of us want to face THAT lecture! We can try to obtain more credit, in order to pay off our current credit, then get more credit to pay off that credit when it’s time to pay it back, and so on… Ok, that’s probably not the greatest solution and will almost definitely cause more trouble in the long run. Thankfully, there are debt reduction services that deal with the financial problems that young people face, such as EWL Financial Planning!
EWL Financial Planners are able to offer solutions for young people experiencing the financial stress of living with unmanageable debt. It doesn’t matter whether the debts are from single or multiple creditors, or whether it’s debt consolidation, credit card debt negotiation, budgeting or expense planning you’re after, EWL can have you back on the track to financial happiness, fast. Some of the solutions EWL offer include:
Debt consolidation – which combines separate loans into one easy to manage debt, reducing fees and interest
Debt optimisation – which involves replacing ‘inefficient’ (non tax-deductible) debt with ‘efficient’ (tax-deductible) debt.
Debt prioritisation – which helps you determine which of your loans have the highest interest rates, allowing you to pay these off quicker, freeing up your cash flow over time.
As you reduce your debts, you’ll find that you have an increase in financial flexibility, which opens you up to the possibility of investing your hard-earned cash in order to increase your wealth. No more living week-to-week and maybe – just maybe – you’ll be able to justify buying that occasional pair of awesome shoes you’ve had your eye on!
Contact EWL Financial Planning today for a no obligation, free initial consultation and feel free again!