Monday 5 December 2016

How to deal with debt

Published 10/02/2011 | 05:00

Ray Langan has distilled what he calls his financial regeneration plan down to simple stages:

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  • Decide to get your financial house in order, and take responsibility for your finances.
  • Dissect your debt into smaller, manageable amounts.
  • Monitor your money. You need to budget, allocate your cash before you even get it.
  • Cut the costs and eradicate the excess.
  • Prioritise your payments.
  • Re-negotiate with all your creditors and extend the terms.
  • Build a cash cushion. Do this by saving €1,000 into an emergency fund.
  • Do what you can to increase your income.
  • Maintain a positive mental attitude.


Irish Independent

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