Step 4. Remove access to any credit you may still have. During this entire debt reduction program you must learn to steer clear of bad habits. You should no more try to conquer debt while you have access to credit, than you would pilot a rowboat thru a hurracine.

* Lockup, return, revoke, cancel, desroy or otherwise make unavailable to you all remaining sources of credit: credit cards, revolving lines of credit and credit extensions. * If you feel you need to keep a credit card for identification purposes such as when you pay by check, then choose card with least available credit remaining on it. * Become your own banker. Do not carry your checkbook on your person. Write yourself one check every week. This is your allowance. Cash check and live on it. * Every time you receive an offer of credit in mail, immediately tear it up and throw it away. Do this even if you have to make a special trip to incinerator or dumpster in middle of a blizzard!

Consumer credit is most insidious type and most Difficult to give up. As you know, you will be continually bombarded with new offers of easy, often pre-approved credit. You must ignore them at all cost. By this almost surgical removal of your access to credit you will come to realize power of word NO! And you will become more comfortable saying it. Step 5. Use Cash Only!

* Pay cash for everything. If you do not have enough cash to pay for an item, you cannot afford it. Anticipate your expenses now, so that you will have enough cash on hand. * Now if you do not have enough cash on hand, then cash a check at your bank or make a withdraw from your savings account. Either way, you will need to immediately deduct amount from remaining balance. * If your account is overdrawn at bank, please stop writing checks immediately. If you do not know how to balance your checkbook, do not write any checks until you learn how to do it. You must be absolutely sure there is enough money in account to cover every check issued. Under no condition may you bounce a check. Aside from any criminal liability and negative credit reporting you may be subjected to, you will have to pay an overdraft charge. This may be as much as $50 and will be deducted automatcally from balance in your account. You also amy be liable for a merchants return check fee. Which can be as high as $25 to $50 per check. * Do not apply for overdraft protection at your bank. Because this is a line of credit with a high intrest rate, you will be tempted to abuse it.

Living on cash teaches you to prioritize your spending. Since you can no longer buy anything you want whenever you want it, you must focus on what you really need. Ask Yourself: Since I am paying cash, is this something I absolutely must have? Am I really willing to forego something else in order to pay for this item now? Learn not to feel denied. Instead, think of sacrifices you are making to achieve your long-term debt reduction goals. In order to eliminate your debts, you must satisfy your needs not your wants. There will be time to buy what you want after you are in control of your finances.

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Since bridging finance usually lasts for a relatively short period you may find that interest rate you are being asked to pay is slightly higher than a more conventional type of loan. Lenders make their profit by charging interest across life of loan. The shorter loan period less interest they earn. As a result many lenders will often boost rate by a 1/2 point or more. In general, length of loan, amount of risk that is present for lender, quality of your credit history and liquidity and value of your collateral all are used to help determine interest rate.

Your best bet for securing a bridge loan at most favourable rates and terms is to work with a qualified UK Commercial Mortgage Broker who understands ins and outs of bridge loans. That way you can get your application in front of as many lenders as possible and end up with several who are willing to compete for your business.

Commercial Lifeline are Commercial Mortgage and Bridging Finance specialists.