Beat Debt Guide

Archive for February, 2007

Somebody I was speaking to today said he was relieved to have paid off his mortgage.

Despite wishing, like many other people, that I was in the same position I asked him why.

He said that the country can not go on like this and that there is going to be a “big bust” after the boom years despite Gordon Brown’s mantra of no more boom and bust.  I have to say I agreed with him.

Fair enough I hear you say but what can we do about it?  Admittedly you can’t control what the government does (though they are elected by us so perhaps you could have a chat with your local MP) but you can control your own personal finances.

If you are fortunate enough to be able to pay off your mortgage your outgoings should be substantially reduced.   Remember that if you have other debts it is best to pay off the debts with the higher rates of interest first.

I would suggest that if you didn’t make a New Year resolution that you make February the month of reviewing your personal situation so that if when the economy goes into a spiral downward trend you are better placed to deal with it and come out of it financially healthier.