How to approach property debt in the New Year

For most of us, a New Year means a new start and many of us go about setting New Year’s resolutions and doing everything that we can to achieve them.

Unfortunately, lots of people have also entered into 2018 with property debt hanging over their heads. Debt can be scary and hard to deal with, particularly when the amount that you owe is significant. If you are worried about your property debt on a foreign property and would like to take steps to reduce it in 2018, read on for our top tips on approaching property debt this year.

Be honest with yourself

Property debt is one of the most undesirable situations that you can find yourself in, but it’s important that you don’t bury your head in the sand and deny the truth. Have open discussions with your family about the debt, as often this will help to alleviate some of the pressure that you are likely to be feeling. Speaking openly will help you to reduce feelings of stress and will give you the support that you need.

Set realistic goals

When people set New Year’s resolutions, often they are overly ambitious and give themselves goals that are unachievable. All this will do is make you feel negative and like you have failed when you are unable to achieve them. To avoid this, be sure to look at your financial situation thoroughly and give yourself goals that you know you’ll be able to achieve. There’s no point in trying to pay back too much as this may even result in you getting into more debt.

Keep on top of your finances

One of the best ways to manage your finances is to keep track of all of your incomings and outgoings. Do this by writing everything down in a book and checking it daily. This will help you to understand your behavior when it comes to money and will assist you when it comes to paying off property debt.

Seek professional help

Sometimes you need the help of someone that really knows what they are talking about when it comes to debt. If this is the case for you, get in touch with our professional team. We can help with negative equity, mortgage arrears, and repossession and will give you all the advice you need.

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