Debt continues to be an issue for millions of people in the UK but even in these tough economic times there are ways of overcoming it. We have compiled a list of 10 steps you can take, starting today, to help you move towards being free of debt.
Don’t panic
Panicking about debt can result in you ignoring your debts and burying your head in the sand.
Sort out what you owe and who you owe money to
To do this thoroughly, you’ll need to open all the letters from your creditors and make a list.
Arrange your finances
Sort out what you have coming in and what you are spending each month.
See where you can cut back
Paying your debts back should be a financial priority so see if you can reduce your expenditure to leave more money to repay your creditors.
Cut up your credit cards
Even when you are on the road to becoming debt free, if you still have the cards then the temptation will still be there to use them.
Open a new basic bank account away from your creditors so that your income is safe
Banks have what is known as the ‘right to offset’, which means that they are,
Check you are getting all of the benefits that you are entitled to
Or see if you can get additional hours at work to earn a little more income. If you’ve alread
Get free debt help
Contact a company who will provide free and impartial debt advice.