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Debt problems? Need A solution? Here Are Some Steps To Take
By Mary Gallivan
Many people get into debt at some time or another in their lives. Although you may feel like you are the only one, there are many more besides. The thing is to be realistic and try to reduce your debt. In order to do that some changes need to be made.
Here are some things to do when reviewing your debts and looking after your finances.
DO:
- Work out your personal budget. This should include all your income, income of your spouse or partner. Remember to also include any other income you receive such as financial contributions from non-dependent children living at home or from lodgers. Then you need to make a list of all the things that you spend your money on - your expenses. Be realistic when working out your expenses. If you want to get out of debt you must be honest about your spending habits.
- When you have completed your personal budget with your income and outgoings you can send or show it to your creditors when you tell them about the difficulties you are having.
- Monitor your spending. By keeping on eye on your spending you'll be able to see where your money is going and where you can make cutbacks. If you are serious about wanting to get out of debt and get into a good habit of better money management you will need to make some changes.
- Prioritise your debts. Concentrate on paying the debts that may result in you going to prison, losing your home or essential supplies (like gas, electricity and water).
- Contact your creditors. They will usually understand your difficulties. They will also be pleased that you are trying to something about the problem and arrange a payment plan to suit your budget. They can't help if they are not aware of a problem and you end up receiving more and more mail from them - adding to your stress.
- Check you are claiming all the benefits and tax credits you are entitled to. There are various organisations that will advise you.
- Open your letters when you get them. Don't put them in a drawer unopened and hope they will go away - they won't.
- Complete any reply forms to court papers and let the court know all the facts. They will use this information to decide if you owe money and what installments you should pay. If you have any problems with the papers the court sends you then it's best to contact them and get help. Some courts have a court welfare officer who can explain things to you.
- If you have children, teach them the value of money.
- Get help if you need it. Don't be afraid to contact a money advisor, citizens advice bureau or any other agencies that can help you.
- Try and make cutbacks on your budget. Work and and try to decide what is essential spending and what is not. Buy cheaper brands of food, maybe cut out the daily newspaper.Even some small changes can have a big impact over time and save money which can be used to pay your creditors.
- Do get help if you feel you need it. Even a close friend who can support you while you are trying to get debt free.
Before too long you will see your debts reducing and it will make you feel better as well.
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