More and more people are finding themselves in financial difficulty. With the cost of living rising but wages staying fairly consistent, it’s no wonder that people are looking for credit to meet their financial demands. But you don’t have to settle for being in debt. There is plenty of support available if you find yourself struggling, you just have to look for it. Let’s take a look at some of your options;
1. Debt Management. If you have multiple creditors and are finding it difficult to meet their minimum requirements monthly, a debt management plan could be the answer. A debt management company will deal with your creditors directly on your behalf, you will make one affordable payment to them and they will then disperse that amount between your creditors. By opting for this service you only have one payment going out which covers all your debt and you don’t have to worry about remaining in contact with lots of different companies that you owe money to. Shop around before you decide on a debt management company. There are many that charge a fee for their service which is not the most beneficial option for you. Look into non fee charging companies such as Pay Plan or Step Change, to make sure 100% of your money is spent paying off your debt.
2. Don’t bury your head in the sand. If you choose to deal with your creditors directly without the help of a debt management company then you must be prepared to keep in contact with them. If you think you’re going to miss a repayment or you’re finding it difficult to meet the amounts they are requesting, communicate your issues. If you express that you’re in financial difficulty they have to work with you. FCA regulations are there to protect you when you’re financially vulnerable so don’t be afraid to ask for help. If you miss your payments and ignore correspondence and calls your debt will only increase with interest and charges and you will only make your situation worse. Voice your problems and creditors will work to resolve them.
3. Get some advice. There’s so much help out there that can offer ways to you get out of debt yourself. Search the internet for debt help advice and speak to financial advisors. Additionally, speak to your friends or family. For some people, debt can be an embarrassing and sensitive topic but most people at some point will experience such financial difficulties. Ask for their advice, air your issues and come up with a realistic plan of action to get debt free.
Make 2015 the year you get debt free. Do your homework and set out realistic debt clearing goals so you can start getting back on top of your finances.