Is debt the first thing you think about when you wake up? Is it the last thing that’s on your mind when you go to sleep? Debt can take over your life and you may feel like there is no light at the end of the tunnel.
Well that isn’t the case. No matter how much you owe, there will be a solution to help. No-one is saying it’s going to be easy. Getting your finances under control can be hard work and very time-consuming; however, where there is a will there is a way.
Here are 7 sure-fire techniques to help you get back in the black.
1. Accept help. This is the most important step to make. You can’t get a grip of your debts or reduce them without admitting that you have a problem. Accept the circumstances, talk to an advisor and you are one step closer to getting the help you need.
2. Calculate the total debt
Add up all the debt. This may seem daunting but you need to know exactly what you owe before you can start to tackle your debts.
3. Consolidation
Many debt management plans involve consolidating the debt into one monthly, affordable payment whilst the interest is frozen. Too often people spend all their money just paying back high interest rates but these charges can be frozen. 4. Communication with creditors Don’t ignore your creditors’ calls. Usually they can be very understanding. Make an effort to speak to them and negotiate a repayment plan that suits everyone. If you feel though that you are being harassed, contact the Office of Fair Trading (OFT)
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5. Be disciplined
Getting your debts into order should be priority over all other engagements. That includes nights out, smoking, holidays and takeaways. Repayments should take precedence over everything else so keep all spending to a minimum.
6. Use alternative coping mechanisms
We all deal with stress differently. Some people choose retail therapy, some eat chocolate but it’s important to deal with the situation in a healthy way. Instead of hitting the high street, go for a walk around the park or take the dog to the beach. There are various things that you can do that don’t cost money in order to unwind.
7. Are you entitled to any benefits?
One of the ways to manage your debt is to apply for benefits. If you earn under £72,000 you may be entitled to some form of benefit. There are also a few Government schemes that can help pay your mortgage if you’re struggling to make repayments. Can you reclaim any money? If you’ve incurred any bank charges, you may be able to get this back. Have paid too much council tax? Were you mis-sold PPI? Are you eligible for the uniform tax rebate? If you are struggling with debt, please don’t suffer alone. There is help out there and solutions available to you. Try these 7 techniques and seek expert advice today.
ABOUT AUTHOR:
This article was provided by Ian Chase on behalf of Solve My Debt. We offer a range of debt management solutions designed to reduce the burden of debt and help you manage your finances.