Well, it is possible, certainly. And it is not difficult either, to lead a life free from credit and related hassles. Here are five of the more achievable ways to living a life without credit or debt. Use these ideas or brief suggestions and look for more ideas at 20 ways to escape debt for good.

• Save for an emergency.
• Earn interest instead of paying it.
• Invest enough for you to lead a comfortable life after retirement.
• When you travel, never use credit. If you do, you might end up with a runaway expenditure.
• Save for goals that you have set for yourself.

Have you made any New Year Resolution in respect of your finances? In these tight times, such a resolution is certain to stand you in good stead.

Here are some suggested New Year Financial Resolutions -

• Make savings a habit
• Improve your credit rating by following some excellent tips
• End your mortgages as soon as you can

Here is some great food for financial thought -

• “Own not the most, but the best.
• Investing without research is like playing poker without looking at the cards.
• When a company president is ready to buy you lunch it is time to sell the stock.
• Stock maniacs do not create wealth, they transfer and destroy it.
• Though difficult to practice think ahead of the crowd.
• If you cannot find an attractive idea, put your money in the bank account till you get one.
• What the wise men do in the beginning, fools do in the end.
• Concentrate investments in a few great stocks and have fortitude to hold through price fluctuations.
• When you combine ignorance and borrowed money, the consequences can be disastrous.
• Risk comes from not knowing what you are doing.
• In reality, Patience is Crucial, but is a very Rare Investment Commodity.
• When the gap between perception and reality is the maximum price is the best.
• One of the hardest things to imagine is that you are not smarter than average.
• Successful investment is intrinsically independent in nature.”

Here is another set of basic ideas on money. This set relates to intelligent financial investments. All of them arise out of simple common sense.

• Make an investment plan
• Invest with a long-term perspective
• Save for the rainy day
• Buy value with enough margins of safety
• Assess your risk appetite
• Remember that there is no free lunch
• In investing, it pays to start early
• Choose your portfolio manager with care
• Diversify across asset classes
• Watch your investment portfolio by tracking company performance

Here are a set of some of the simplest matters in personal financial management. They may seem obvious, but you will be surprised at the kind of mistakes, or rather financial blunders that lots of people are capable of committing.

• Read the fine print before you sign
• Evaluate your advisor / relationship manager
• Power of Attorney – give it responsibly
• Give clear instructions to your stock broker
• Never pay cash to your advisor / agent
• Avoid dealing with multiple banks and brokers
• Delivery instructions – don’t let it slip
• Be on time – even for payments
• Statements and contracts – trust but verify
• Safeguard your documents

At many stages in your life, you will find yourself in situations where you are about to take an important financial decision. Due to the novelty of the situation, or your inexperience, or some other factor, it is possible that you are a little under confident, hesitant or apprehensive as to the outcome of the impending decision / action. The situation is right for you to slow down and consider all related issues, pros & cons and alternative solutions that will reinforce your confidence and point you in the right direction if needed. Here is a carefully compiled list of resources where you can find advice, information and plenty of other material on all matters related to debt, money, and other financial matters.

General money and debt advice from EDF Energy Trust

Personal Finance – Financial Directory

UK money matters – Financial Advice Websites

Directory of Money & Finance advice

For money-related happiness, it will certainly be a great idea to follow these twelve simple, logical, rational rules of money management.

• Save as much as you can and whenever you can.
• Remember that time also has great value – sometimes it can even be priceless.
• Keep your financial expectations realistic.
• Never let your way of living exceed your means.
• Credit card debt must be avoided – it is a real trap.
• Take time to understand the compounding effect of investing money.
• Keep your credit transactions clean.
• Begin investing early in life, and list them in order of priority.
• When you make a new investment, do it with a fresh outlook.
• Your investments need to be diversified, as also your wealth.
• Be rational in the way your spend.
• Take risks only when you fully understand them.

If the above makes sense, then you will be happy to give your answers to a possible survey by the ONS (Office for National Statistics) consisting of such questions – “how satisfied are you with your life nowadays?”, “how happy did you feel yesterday?”, “how anxious did you feel yesterday?”, “to what extent do you feel the things you do in your life are worthwhile?” and more. For some interesting related information, look up ONS’s Well-being knowledge bank.

In September 2010, the UK’s Office of Fair Trading found out that as many as 129 debt management firms were masquerading as charities.

The companies have been guilty on several counts including using deceptive advertising and supplying useless advice to hapless clients. For instance, some firms have been attracting clients by announcing that they offered free services. Others have even been using names that sound or appear similar to well-known and reputed charitable or government establishments.  Yet others have assured the clients that the services of the advice sector are not genuine. Perhaps the worst victims were those whose debts were re-packaged as newer debt plans and who ended up paying even more service fees.

Sadly, in most cases, it turns out that the customers are not aware of the existence of independent ombudsmen who could have intervened and saved themselves further heartache.

Here are several sources for customers to seek the right advice -

• Online help from Citizen’s advice
• Debt Managers Standards Association (Demsa)
• Debt Resolution Forum
• Office of Fair Trade