Debt problems: what next?

Dealing with debt can be a stressful and emotional time. But the sooner you seek advice on the best way to regain control of your unsecured debts, the sooner you could start putting that advice to work, working your way towards being debt-free.

It’s a good idea to try and take a step back and assess your situation as calmly as you can.

Talk to people

Many people end up seeing their debt problems spiral because they’re too embarrassed or worried about talking to people about their circumstances. If you’re having trouble with your debts, chances are you’ll be surprised at how many friends or relatives are, or have been, in a similar situation – so don’t feel like you’re the only one.

Furthermore, talking to others who’ve been in a similar situation could give you guidance on the best step to take next.

What do you owe?

Losing control of your unsecured debts can be easy if you have several to repay and budget for every month. It’s important to work out what you owe every month and to whom. 

Sit down and write down all your unsecured debts and any arrears you may owe on your priority debts (such as your mortgage, secured loans, etc.). Also think about things such as your monthly spending, income, and any cutbacks you could make to ‘free up’ your disposable income.

It may be no substitute for getting advice from a professional debt adviser, but it could give you a clearer picture of how your finances stand and what the best step is to take next.

What next?

There are many different debt solutions out there, designed to help people in different situations. If you’d like to know more about them, you could get debt help and advice from a professional debt adviser, who can talk you through your finances and help you find the best approach for your personal circumstances.