Getting into debt has been quite easy recently. It’s not hard to rack up hundreds of pounds quite quickly on a spending spree. Getting out of debt though is a completely different story altogether.
How often have you bought something using credit (i.e. an overdraft, store card or credit card) with the intention of repaying it back quickly, only to find that months later you’re still no closer to being debt free?
You then might think that taking out a loan or another credit card to consolidate the debts, is the best option.
But according to recent research, two-thirds of people who consolidated their debts, with a consolidation loan, then went on to develop further debts.
This can make keeping on top of finances difficult, because with many payments to keep track of, it gets more and more complicated – plus, what was affordable at first has now become unmanageable.
Add to that any missed payments, charges and interest and it’s a recipe for financial disaster.
Best advice for getting out of debt
The best advice for getting out of debt is to make sure your finances are organized, and that you understand exactly how much money you have available each month to repay the people you owe money to.
Getting out of debt may take time and unfortunately we don’t have a magic wand to help eliminate balances immediately. What we can do though, if you’re currently struggling with your finances, is help you to regain control of your finances and provide immediate relief from debt stress.
We’ll handle any letters or calls from creditors regarding any payment demands, so you don’t have to, and reschedule your unsecured debts so that you only have one payment to make each month.
Our advisers will go through your finances with you, so that the amount you pay is completely affordable – after all, it needs to be manageable for you in the long-term. We’ll then distribute this to your creditors on your behalf.
As part of our service we’ll also contact your creditors and negotiate with them to try and freeze or reduce the interest and charges on your accounts.
We offer a number of ways to help you sort out your finances, so if you need free debt advice, call the number at the top of this page now. Alternatively, click on the following link for professional IVA advice.