What Debts Should You Make A Priority - 1725 Words

What Debts Should You Make a Priority? If you have fallen into debt then chances are you will be in debt for more than one reason and will have numerous debts to pay to numerous creditors. If this is indeed the case, then just as important as paying off your debts is making sure you pay them off in the right order, as leaving certain debts to gather dust whilst you pay off others could result in further legal action, your assets being repossessed and an ever increasing downward spiral into bankruptcy and depression. Here, we ll help you to understand which debts you should be prioritising. Priority Debts As the name suggests, a priority debt is any debt that, if left unpaid, could result in serious consequences. These consequences will depend on the size of the debt and your creditors, but could include everything from home repossession, your gas and electricity being cut off, bailiffs being sent to take your belongings from you and even prison! Below, we ll be taking you through the most common priority debts and will explain how you should be handling them. Mortgage – Perhaps the most important debts you should think about paying off ASAP are mortgage arrears, as, if you don t pay them, you could end up losing your home to your mortgage lenders if the loan agreement on your home is a secured loan. If it is an unsecured loan, the lender will have no legal financial claim on your property, but the vast majority of mortgages are secured. It should be noted that yourShow MoreRelatedFinancial Problems With Bad Debt Management1069 Words   |  5 PagesBad debt management is at an all time high. More people are having more financial problems than ever before. Bankruptcy is at an all time high. Financial stress is tearing families apart. Many people think debt consolidation is the answer to all their financial problems. Just think... you get one loan to pay off all your debts. 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