What to do if you’re struggling with debt

What to do if you’re struggling with debt

Struggling with debt?

If you have concerns about your finances or feel like you’re drowning in debt it can feel pretty lonely. The status of your finances is a very personal subject and talking about it is not always easy. However, all debt problems can be resolved and discussing your issues is the first step.

Most people who have got debt advice tell us they feel less stressed or anxious and more in control of their life again.

Money Advice Service

When trying to tackle debt, borrowing more is not the answer. However, there are a number of steps you can take to regain control, such as:

  • Boosting your income - Check that you have you applied for all the benefits and entitlements that are available to you. Consider taking on another job or selling bits you no longer need or use.
  • Monitoring your spending and creating a budget - Help cut out any unnecessary spending by making yourself a quick household budget.
  • Prioritising bills - If you are struggling with debt, prioritise your most important bills first. This is most likely to be your rent/mortgage and any secured debt you have.
  • Seeking help - If you feel you're in too deep and in need of assistance seek help. How and where to find help is explained below.

Where to seek debt help

If you’re struggling to keep up with all your basic outgoings there are a number of free non-profit debt counselling services you can turn to. These are here to help you, not to make money out of you. In the case you’re being harassed by debt collectors, these services can provide the breathing space you need to get yourself sorted and back on the track. Here are the services we suggest:

Avoid the wrong people

There are a number companies advertising online, on tv and in newspapers that offer instant assistance to help clear your debts. As attractive as this may sound these companies have been formed with one goal in mind - to make money. So although in the short term your monthly payments may be reduced, you will pay for it in the long run. If they are truly the right people to help you, your debt counselling service will point you in their direction.

Written by Mark
Published on 5th July 2017
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