There are a number of ways of tackling debt. Please read the following advice.
Make your money go further
- Don't ignore the problem; it won't go away and the longer you leave it,the worse it will get
- Don't borrow money to pay off your debts- get advice first
- Contact all the companies you are in debt to and make arrangements
- To pay a reduced amount that you can actually afford
- Make sure you tackle your priority debts first, for example, rent, gas and electricity.
Be careful who you borrow from
Never borrow from an unlicensed lender. Although pay day lenders offer quick and easy loans, they also charge a very high interest rate.
Make a budget plan
Make sure you know exactly what you have coming in and going out each week/month. Do it with a relative or friend so you can help each other.
Don't bury your head in the sand
Face up to debt, no matter how small and take action. Never leave letters unopened, ignoring them makes things worse and the problem won’t just go away.
Free debt advice
Saving your money
We understand that special occasions like birthdays, Christmas or religious festivals put a great strain on the family budget. There is enormous pressure on everyone to spend a lot on presents and entertaining, and this can be particularly difficult if you have a family.
Be very careful of spending money you cannot afford to, running up credit debt and making agreements with loan sharks; you could fall behind on essential bills. Remember that your rent/mortgage and energy bills are priority bills.
Here are some helpful hints and tips for saving and managing debt.
- Hop around for bargains
- Set yourself a budget for presents and entertaining and stick to it.
- Set aside an affordable weekly or monthly amount over the year for special occasions.
- Get paid interest - save in a bank or building society.
- Spread the cost by joining a supermarket saving scheme.
Maximise your income
Contact the Financial Inclusion Team to get your benefits checked to make sure you are receiving everything you are entitled to.
They can help you maximise your income or they can arrange an appointment for you with the Citizens Advice Bureau who can help you manage your debt.