Notes

Canceling Holidays and PAYING DOWN Debts - Good Sign Or Bad Sign?
If you're in a hole, stop digging - it's true of most things, and it's really certainly true of debt. So maybe more info brought us good news when it announced that 58% of Britons were planning to scale back on their summer holidays, and 19% cancelling their summer holiday plans altogether. Maybe it's encouraging to see people re-prioritising, keeping their money for essential things like rent, food and petrol.

On the other hand, it's worrying to see so many cutting back on the holidays. read more is probably not 'essential', but many of us see them being an important annual tradition: an incentive for a year of hard work and a way to relax and 'recharge the batteries' before time for the realities of bills, debts and work. It's hard never to wonder how many people aren't choosing to economise, but cutting back because they simply haven't any choice.

Nevertheless, you view the statistics, debt isn't the only real reason for these cutbacks. There's also the market meltdown, the rising cost of living and the weakness of the Pound against the Euro.

Cumulatively, these factors are nothing but bad news for folks in the tourism industry. And since the travel and tourism industry employs over 120,000 people (in line with the Institute of Travel & Tourism), this may well translate into bad news for economy. Following the recent massive job losses among home-builders and estate agents, any threat to the travel and tourism industry could easily damage consumer confidence further and reduce the average consumer's spending power.

On an individual level, needless to say, the impact could possibly be much more immediate. Just how many of these 120,000 people are deep with debt - absolutely reliant on their next paycheque just to stay on top of these debt repayments?

It is a serious problem: many financial experts advise people to reserve at the very least 3 months' salary for a rainy day, but how many are capable of doing that? With record levels of personal debt and escalating cost of living, thousands of people are struggling to afford their essential living costs and debt repayments, so saving is simply unthinkable.

The 'silver lining', the optimists say, is that hardship reminds folks of why that safety net is so important. The next time the a down economy come around, we promise ourselves, we'll be equipped for them, with this debts paid off and our 3 months' salary safely in the bank.

Saving, however, is rarely a good idea when there are debts to be paid off. Whatever more info might accrue, it's unlikely to be just as much as the interest charged on the debts. So for anyone in debt, step one has to be getting out of debt, and the best way to do that varies from individual to individual.

Debt management plans, debt consolidation loans / mortgages, Trust Deeds, Individual Voluntary Arrangements, even bankruptcy... Each debt solution includes its own unique benefits and drawbacks, however they do have a very important factor in common: each of them tend to work better when people talk to a debt adviser as soon as they realise they're in financial trouble. In general, the longer someone leaves it before they look into debt solutions, the harder it will likely be.

Read more about these debt solutions & get free debt advice at http://www.ThinkMoney.com
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