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 THE DAYS brought us very good news when it announced that 58% of Britons were likely 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 important things like rent, food and petrol.

However, it's worrying to see so many cutting back on the holidays. check here may not be 'essential', but many of us see them as an important annual tradition: an incentive for a year of hard work and a way to relax and 'recharge the batteries' before returning to the realities of bills, debts and work. It's hard never to wonder how many people aren't choosing to economise, but reducing because they simply haven't any choice.

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

Cumulatively, these factors are only bad news for people in the tourism industry. And since the travel and tourism industry employs over 120,000 people (according to the Institute of Travel & Tourism), this may well translate into bad news for economy. After the recent massive job losses among home-builders and auctions, 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, of course, the impact could possibly be much more immediate. How many of those 120,000 people are deep in debt - absolutely reliant on their next paycheque just to stay on top of their 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 degrees of personal debt and escalating cost of living, millions of people are struggling to cover their essential living costs and debt repayments, so saving is merely out of the question.

The 'silver lining', the optimists say, is that hardship reminds people of why that safety net is so important. Next time the tough times come around, we promise ourselves, we'll be equipped for them, with our debts paid off and our 3 months' salary safely in the lender.

Saving, however, is rarely a good idea when there are debts to be paid off. Whatever interest a savings account might accrue, it's unlikely to be around the interest charged on the debts. So for anybody in debt, the first step has to be getting out of debt, and the simplest way to do that varies from person to person.

Debt management plans, debt consolidation reduction loans / mortgages, Trust Deeds, Individual Voluntary Arrangements, even bankruptcy... Each debt solution includes its own unique pros and cons, however they do have one thing in common: they all 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 consider 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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