Willpower - the only real protection known to man!

Several generations ago borrowing money carried a heavy social stigma - to borrow was to admit to living beyond one's means, and living on the ‘never never' was viewed as the route to personal and financial decay. But increased homeownership, the availability of credit and easy access to loans has resulted in Britons now owing more than 1,300 billion pounds in personal debt.

Not since the early 1990s, when the last economic recession claimed its final victims, has so much debt pain been felt by so many people. Debt charities and credit industry bodies are seeing an unprecedented increase in the number of people unable to pay their bills. But this time around youngsters are also finding themselves in trouble, as they are able to borrow far more than in the past without assets to fall back on should they get into difficulty.

For those in the police the issues are no different, wearing a uniform or carrying a warrant card does not act as some kind of barrier. Indeed there is only one protection known to man and that is WILLPOWER . So here follows some advice built on that very word.

W hen borrowing money always ensure you can afford the repayments. Start saving the equivalent amount for at least three months before taking out a loan.

I ncreases in pay. Have the discipline to automatically save 10% of every increase you earn.

L earn to budget, and stick to the amounts you have allocated to each area of expenditure. Debt counsellors constantly highlight that people often did not see the problems mounting. If you don't know where you are going how can you hope to get there?

L eave the decision until tomorrow. Never buy on impulse; it can seriously damage your health.

P lan your finances effectively. Holiday money can be accumulated before you go on leave, rather than be a debt when you get back.

O verheating. Borrowing out of control? Warning signs include a credit card balance permanently stuck at 25% of annual income, and total unsecured loans of more than 75% of income.

W hen in financial difficulty don't bury your head in the sand. Seek help and talk to the parties involved.

E vil according to the Bible is gambling. It can quickly cause damage to your wallet. But If you can't resist at least stick to a pre-determined amount.

R epay loans and debts before you start saving.

And finally, only choose friends and partners you can afford. If you only earn beer money a champagne partner will cause you problems. So don't be seduced, have plenty of willpower and take cold showers!

Al Voice, MD Forces Financial


Recent News >

News Archive >