If you’re struggling with debt, it’s a constant worry. It’s very easy to just bury your head in the sand and hope for a miracle. You can’t ignore debt; it won’t go away and it will only get worse if you try to ignore it. The good news is that no matter how shallow or deep you are in debt it can be solved but you have to act.
1 – Produce an income and expenditure list. This will enable you to see just how bad the problem is if you have a mismatch of income and expenditure. It might highlight areas you can save on which might mean you can solve the problem with a few simple changes.
2 – If there is a large disparity between your income and expenditure you will need to consider major changes. Generating extra income with overtime or a part-time job. Selling some items you can do without. Speak to family members and see if they can help.
3 – If it’s obvious that you can’t service the debt repayments, get help straight away. Don’t leave it until the bailiffs are banging on the door or there’s no food in the cupboard. There are some amazing charity organisations that will help you. They are incredibly friendly and they will be able to help you. Two good examples are Step Change and National Debtline.
4 – Stay well clear of all commercial companies offering debt solutions. They often have similar names to the charities so don’t be fooled. The debt charities can give you all the advice and help you need.
Step Change – Telephone 0800 1381111 – Website www.stepchange.org
National Debtline – Telephone 0808 8084000 – Website www.nationaldebtline.org