Published: 10 March 2009
By MoneyhighStreet Staff 2 Comments
Updated: 19 August 2011
Debt is an ever increasing problem for many.
More money going out than coming in or only being able to pay off the interest owed on credit cards or overdrafts may start the alarm bells ringing and indicate you have a growing debt problem.
Another debt warning sign might well be if you find you’re using your credit cards more often for things that previously you paid cash for.
As much as we’d like them to, debt problems don’t go away by themselves. Ignoring them is not an option, they need to be tackled head on.
If debts are left to grow uncontrollably it can lead to serious consequences, including CCJs (County Court Judgements) and problems with your credit rating as well as bailiffs seizing assets from your home.
There are specialist debt management companies who can offer debt advice and help you find the best solutions to deal with your debt problem.
There are no quick fixes but with careful debt management you can reduce and ultimately clear your debt.
There are a number of options available to help with debt problems, including
- Debt Management plan
- Individual Voluntary Arrangement (IVA)
- Consolidation Loan
With specialist debt advice you can assess your debts and clearly understand what you owe to whom. You can also determine your monthly basic living costs and your monthly income.
Considering this information about your specific circumstances a recommendation on your debt settlement options can be made.
If you decide to take things forward then a debt management company can support you with this.