Five steps to stop your debts spiralling out of control
There are five essential steps you need to take if you want to get your debt problem under control.
1. Identify just how much debt you have.
This means opening all the post, calling any companies you owe money to, and finding out just how bad everything has got.
2. Draw up a budget.
Unless you are certain of everything you have coming in, and everything going out, there's no way you can get a handle on what you are spending.
3. Work on your budget
Try to improve your income and reduce spending. At the very least you need to bring this back to a situation where you are spending no more than is coming in.
4. Contact your creditors
Contact everyone you owe money to, and ask if they will accept the reduced payments you can afford.
5. Stick with it.
It may be tempting to go back to your old ways, but the rewards of keeping debts under control is a retirement where you get to think about something other than money.
Where to seek advice
- The Consumer Credit Counselling Service on 0800 138 1111
- National Debtline on 0808 808 4000
- Christians Against Poverty on 01274 760 720
- Macmillan Cancer Support on 0808 808 0000
- Citizens Advice
- Help the Aged on 0808 800 6565
- Age Concern on 0800 00 99 66