Notes

Canceling Holidays and Paying Off 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 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 important things like rent, food and petrol.

On the other hand, it's worrying to see so many cutting back on the holidays. Holidays might not be 'essential', but most of us see them being an important annual tradition: an incentive for a year of effort and ways to relax and 'recharge the batteries' before returning to the realities of bills, debts and work. It's hard never to wonder just how many people aren't choosing to economise, but reducing because they simply have no choice.

Nevertheless, you view the statistics, debt isn't the only reason behind these cutbacks. Additionally, there is the credit crunch, the rising cost of living and the weakness of the Pound contrary to the Euro.

Cumulatively, these factors are nothing but bad news for people in the tourism industry. And because the travel and tourism industry employs over 120,000 people (according to the Institute of Travel & Tourism), this could well result in 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 decrease the average consumer's spending power.

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

It's a serious problem: many financial specialists advise people to reserve at 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.

more info lining', the optimists say, is that hardship reminds folks of why that back-up is so important. Next time the tough times come around, we promise ourselves, we'll be ready for them, with our debts paid and our 3 months' salary safely in the lender.

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

Debt management plans, debt consolidation reduction loans / mortgages, Trust Deeds, Individual Voluntary Arrangements, even bankruptcy... Each debt solution comes with its own unique pros and cons, however they do have a very important factor in common: they all tend to work better when people speak to a debt adviser when they realise they're in financial trouble. Generally, 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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