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    How To Avoid The Debt Trap
    How To Avoid The Debt Trap
    How To Avoid The Debt Trap
    Ebook122 pages1 hour

    How To Avoid The Debt Trap

    By Peter Marks

    ()

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    About this ebook

    The western world has encouraged us to borrow, spend and borrow again because the price of credit was cheap with the view that we could spend to-day and enjoy ourselves – live for the day – pay tomorrow. Take a new loan, new credit card, re-mortgage and pay it back later. However, this could not continue and now the day of reckoning has well and truly arrived!

    Many people have sunk into an ever increasing spiral of debt and finally reached a position where it could not continue. Are you at that point?

    The banks and credit institutions are largely to blame for making credit so easily available and not making sufficient checks to ensure that their customers were able to repay and had the income to repay their loans but that does not exonerate us from taking out the loans/mortgages/credit cards. Everybody is ultimately responsible for their own actions.

    This book provides a sensible structured approach to the problem and also the building blocks to enable the individual to get to grips with their own personal debt problems and regain the self-respect and equally important - get their lives back.

    LanguageEnglish
    PublisherPeter Marks
    Release dateJan 13, 2012
    ISBN9781466041356
    How To Avoid The Debt Trap
    Author

    Peter Marks

    I am an Internet Marketer with a Financial Services background. I have access to a very large arsenal of information technology products and contacts. My main interest outside of work are sport: Judo, Rugby and Football and I support the following teams: Exeter City, Wolverhampton Wanderers, Exeter Chiefs and Exmouth RFC (Rugby). I love playing the electric guitar and enjoy mainly rock music.

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      Book preview

      How To Avoid The Debt Trap - Peter Marks

      How To Avoid The Debt Trap

      by

      Peter Marks

      Smashwords edition

      Copyright 2012 Peter Marks

      Smashwords Edition, License Notes

      This ebook is licensed for your personal enjoyment only. This ebook may not be re-sold or given away to other people. If you would like to share this book with another person, please purchase an additional copy for each recipient. If you’re reading this book and did not purchase it, or it was not purchased for your use only, then please return to Smashwords.com and purchase your own copy. Thank you for respecting the hard work of this author.

      Table of Contents

      Introduction

      Chapter 1 How to Steer Clear of the Debt Trap

      Chapter 2 Money Talks!

      Chapter 3 Spending Counts

      Chapter 4 Thinking Differently

      Chapter 5 Tackling the Debt Issue

      Chapter 6 Reallocating Your Resources

      Chapter 7 Credit Cards - the Inside Track

      Chapter 8 Loose Talk About Credit Reports

      Chapter 9 Saving Money

      Chapter 10 Keeping Yourself Debt Free

      Chapter 11 Owning the Future

      Conclusion

      Introduction

      Hello and welcome.

      My name is Peter Marks and I’m an Internet entrepreneur who has successfully sold products in a number of different markets such as Product Creation, Traffic Generation and Copy writing.

      I’ve also had to deal with debt and free myself from its clutches.

      Thankfully, I’ve been able to do that and I’m making rapid progress toward realising all of my own personal dreams.

      But it wasn’t always that way.

      I started with little and had to learn how to manage money properly to give me the things I wanted.

      And that’s my task today.

      I want to show you what life has taught me about how to manage money and how, when it is used sensibly and wisely, money can do great things for you. Even if you don’t have very much to start with.

      And that’s the thing.

      Once you understand the debt and credit balance you can start to control your life. And when you do that, you can begin to make great things happen in your life because with control comes knowledge and with knowledge comes opportunity.

      Getting your debt under control is simply matter of taking control. But from where you’re sitting right now, that is probably easier for me to say than it is for you to do it.

      However, over the next few hours, I am going to show you in 10 lessons how you can punch a hole in your debts and how you can create life of opportunity and riches by running your own small business.

      Trust me, nothing is impossible and for you a much brighter future starts here.

      Get yourself ready because this is How To Steer Clear of the Debt Trap.

      CHAPTER 1

      How To Steer Clear of The Debt Trap

      Debt doesn’t worry and, frankly, it doesn’t care. Not about you, anyway.

      It doesn’t respect who you are, what you’ve accomplished, where you came from, or what you’re trying to do.

      Anyone and everyone can slide into debt. Unless you’re careful, it’s so very easy to do. And in almost every way, debt is the very last thing you want.

      To keep yourself out of trouble, the skills you need are three-fold:

      1. How to recognise it.

      2. How to avoid it.

      3. How to deal with it.

      All of that said, not all debt is bad and not all of it is absolutely avoidable.

      With debt, you simply need to know how to manage it cleverly so that it works to your advantage.

      But if you’re in serious debt, you need to know how to get out of it and what steps you should take.

      If you’re not in debt, you need to know how to steer clear of it, but you also need to know how to use it to your advantage.

      The credit card is a prime example of debt being allowed to run riot with your life.

      Think about it for just a second.

      If someone offered you a loan at a punishing rate of interest, say 28%, you wouldn’t take it, would you? It just doesn’t make a whole lot of sense.

      But people do it, all of the time. They happily pay the minimum off their credit card balance each month and leave the remainder, right up to their borrowing limit, ticking away like a time bomb, hour by hour, attracting an interest rate of 20 to 30%.

      Madness, you’d call it. But it is happening every single day here in the UK.

      Research has estimated that on average every UK household carries 140% of debt!

      That means that someone earning £20,000 per annum is actually spending as if they earn £48,000.

      Do the maths. It is utterly unsustainable. But it is also unnecessary and really rather stupid.

      None of it makes sense.

      But why does it happen?

      Because we are persuaded every day by countless adverts to live beyond our means.

      After all, Doesn’t everybody do it?

      But that doesn’t make it the right thing to do.

      And, as a matter of fact, no, they don’t, so some households are running debts way beyond 140% of earnings.

      In fact, one UK household is reportedly carrying credit card debts in excess of £240,000.

      Scary for the people involved. Futile for the companies that have idiotically lent them the money. Truth is, they’ll never see much of it, or most probably never see any of it ever again.

      But what fuels such wanton stupidity?

      That’s easy to answer - we have just been through the age of easy credit.

      Anyone it seemed not so very long ago could borrow any amount for practically any purpose they had in mind. They didn’t even have to specify what purpose they need the money for.

      So people took advantage of this loose approach to lending, in droves, simply because they were allowed to.

      That’s what fuelled the toxic debt dump that has brought the world’s financial structure to the very brink of its own destruction.

      Loans were advanced to people who patently could not repay the money borrowed. They never could, but greedy financiers were allowed to chase massive productivity bonuses and were accountable to no one but themselves.

      The more people they hooked into debt, the bigger their bonuses were. There was no control over what they did. No one was checking, so why not?

      No one controlled the debt feeding frenzy. No one has, not for years and years.

      And the result?

      The global economy teeters on the brink. And the many will pay for the massive indulgences of the few.

      Was it ever thus? Tighter and more sensible control and a huge dollop of common sense would most certainly have helped.

      You know the law of life.

      If you drive recklessly and at speed, and you push your foot further and further to the floor, the engine will rev into the red zone to warn you of danger as your speed climbs higher and higher. Ultimately, you will lose control

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