3 Steps to start tackling your debt

Last post: Jan 12, 2018

Whether it’s one missed repayment or a tricky debt spiral, seeing the light at the end of the tunnel can be tough when you’re in debt. Yet taking concrete steps like these will help you get there sooner.

 Eight million Brits struggle to meet debt repayments or report feeling overwhelmed by their level of debt. Living and dealing with debt is an everyday reality for many of us, and it's one which can leave you feeling stressed, anxious, depressed and alone.

The truth is that as many as 10% of us are struggling with financial difficulties, with young people, renters, single parents and large families most at risk. This means that, however isolated you feel with your money troubles, there are many people out there struggling with the same issues.

When you first realise that your financial situation isn't healthy, it's common to either panic and make rash decisions – or to bury your head in the sand. Neither of these approaches is wise. Instead, there are some best practice first steps you should consider which could help you get our of debt sooner rather than later.

Here are five smart steps to take when you're facing mounting debt:

1. Get organised
Only too often debt arises because we're simply not paying enough attention to our finances (or deliberately ignoring our financial situation). When you discover you're in debt, it's time to open up a new spreadsheet and make a clear list of absolutely everything you owe. Confronting the issue head-on will help you deal with it more effectively.

2. Talk about it
From friends and family who may be able to offer advice (or even financial support) to utility companies who may be able to provide a more suitable repayment plan, telling others about your situation is almost always beneficial. Speaking to your landlord and making a suitable arrangement is far better than leaving them out of pocket without explanation.

3. Seek help

There are any number of debt management companies all eager to "help" debtors. However, many of these charge high fees and cream an unfair profit from their customers. Instead seek help from free, unbiased sources. We recommend:

We may not be expert debt advisors, but we do know short term finance inside out. To explore you personal loan options, contact our team to find a solution that fits your financial position today.