The basics of managing too much debt

2 December 2012

The basics of managing too much debt

  • Figuring out where you stand financially
  • Knowing what to do when you owe too much
  • Dealing with debt collectors
  • Handling your most important debts
  • Building your financial future

Being in debt can feel like you’re spiralling out of control. Buying a new house or car, going and even taking a holiday can feel very far out of your reach. The good news is that there are solutions for you.

Okay, so consumers at all income levels are being stretched to their limits. But chances are that you haven’t yet taken decisive action to improve your financial situation. Maybe you haven’t even acknowledged the state of your finances, much less changed your lifestyle and become more careful about your spending. Even if you’re in financial jeopardy, chances are you don’t know what to do about your situation. You may be frozen by fear and confusion.

Starting here, we give you the information you need to take control of your finances and turn them around.

Taking Stock of Your Finances

You need a clear idea of the current state of your finances in order to figure out the best way to deal with your debts. Here’s how you can begin to take stock of your finances:

  • Compare your monthly spending to your monthly income

Prepare yourself for a shock. Most people underestimate the amount that they actually spend relative to what they earn. By doing this comparison, you may quickly realise that you’re spending your way into a hole. If that’s the case, you must reduce your spending to meet your financial obligations.

Being in debt can feel like you’re spiralling out of control. Buying a new house or car, going and even taking a holiday can feel very far out of your reach. The good news is that there are solutions for you.

Okay, so consumers at all income levels are being stretched to their limits. But chances are that you haven’t yet taken decisive action to improve your financial situation. Maybe you haven’t even acknowledged the state of your finances, much less changed your lifestyle and become more careful about your spending. Even if you’re in financial jeopardy, chances are you don’t know what to do about your situation. You may be frozen by fear and confusion.

Starting here, we give you the information you need to take control of your finances and turn them around.

For further information please contact DebtBusters on 0869 99 06 06.

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