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Too much debt? Does your expenditure exceed income?
You are not alone. The Citizens'
Advice Bureaux report a 46% increase in thenumber of consumer
debt cases handled over the past five years. Surveying 900 clients,
it found their debts averaged nearly 14 times their monthly income.
Start tackling the debt
Unopened bills don't disappear. Best not to bury your head in the
sand. The longer you leave the problem, the worse it is likely to
get.
In fact, by looking at this page you have already taken the first
step to getting your debt problems sorted out. Well done.
Some ideas
- DO cut out your overspending. Be ruthless. It's quickest, and
probably less painful in the end. RULE
1: If you're in a hole, stop digging.
- DON'T ignore your creditors. Debt counsellors reckon 50% of
'red letters' are never opened. Tell creditors you've got a problem.
What they hate most is being ignored.
- DO work out what repayments you can afford and try to negotiate
terms with your creditors.
- DO think very carefully before you take out one of those debt
consolidation loans advertised in the papers. They are expensive.
But your bank may help you more cheaply.
- DON'T use premium rate phone services. The outcome is uncertain
- and you can't afford them anyway.
- DO think carefully before you use the standard so called debt
managers. Our professional
sources are not like this.
- DON'T be afraid to ask for help. There are free independent
advisers who are there to help people in your position.
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