The debt crisis in the UK is at an all-time high, and with the average person at around £8000 in debt (not including mortgages), it is an epidemic. Did you know that as many as three children in a class of thirty are living in poverty? It’s a sad but true statistic, but when you’re in debt, it can be hard to know where to turn. With a plethora of different companies promising to change your life by eliminating your debts, you’re left stuck and confused about who you can trust. So what steps can you take to get yourself out of this mess? Check out these debt solutions and who you can turn to for trusted help and advice with your debt matters.
What to do when in debt
It’s a little-known fact that our credit report can, in fact, help us with solving our debts. The problem here is that many people shy away from checking theirs due to worries about what they will find and also the inability to understand the information that’s being given to them. However, over the last decade or so, credit score companies have worked hard on their user experiences, and can now provide you with advice on how to improve your credit score, as well as what’s harming it. Sometimes, it could be something as simple as late payments on finance you’ve taken out with outside companies like Littlewoods. Or, companies might not know enough about you to consider you for loans or mortgages. Take a look at your credit score and build yourself up from it. Many companies pinpoint precisely what you’re doing wrong, and also give you options on how you can resolve these issues. Another bonus? Pretty much all of them offer free trials, so you’re able to take a quick glance and improve yourself without having to spend a penny!
The next step you need to take is by getting yourself some good old, professional advice on your debt matters. Companies like the National Debt Advice offer debt solutions for all types of people, with all kinds of debt. The process is simple: you tell them who you owe and how much, and they will work out the best way of getting you out of trouble – all while keeping in mind how much you can afford to pay back each month too.
What not to do when it comes to debt
One of the biggest mistakes that people make when they’re in debt is turning to loan sharks and hoping for the best. While services like these may help you with a bit of extra cash until payday, they’re not built for managing loans. The problem is, they don’t tell you this side of the information, and people fall into the trap of thinking they’re going to be debt free in a matter of weeks. Not only that, you end up paying back a considerable amount more than you already owe due to interest rates. Trust me; it’s not worth the hassle!
So, if you’re in debt, make sure that you’re taking action sooner rather than later. Companies often add charges for late or missed payments, so the sooner you’re trying to sort things out the better. Don’t ignore debt problems, face them head on with this advice and you’ll find yourself on the way to a debt free life sooner than you think!