MANAGE YOUR DEBT

THERE ARE SOME BASIC STEPS HOW TO MANAGE YOUR DEBT IN BETTER.ALWAYS PAY IN TIME. This is the golden rule, if you can stay on top of your debs by paying by the required date, you will save yourself the possibility of an inevitable downward spiral. Get into the habit of paying debts on time by setting up a system that Debt Advice you need to follow in debt form.You should always pay off the most important debts first. These include things like mortgage repayments or rent and utility bills. When paying off credit or store cards, pay off the ones with the highest interest first.By switching credit cards you may find a lower interest rate. Look at different lenders, they may offer competitive rates. Ensure you are aware of any transfer fees.It is tempting with credit, to pay off the minimum payment. If you can afford to, pay off more, it will reduce the period of time to pay off the full amount. Ensure you check that you will not have to pay a penalty payment for this.

Credit cards can be useful, but if you know you can’t trust yourself and find yourself spending more than your means allows, don’t use them.Checking your bills is necessary to monitor how much you are spending and how much you are paying back per month.Saving is a vitally important habit that, if possible, you should do. Even if you start small, putting a small Debt Advice amount into a savings account is a worthy thing to do and it can be a safeguard against unexpected financial situations.  As a rule, you should try to consolidate debts before saving.If you feel your debts are getting out of hand, it is important to discuss the situation with someone. Whether that is a family member, friend or debt councillor, you needn’t struggle with debt alone. There are a number of free advice services available including theIf your debt is severely out of control, consider options such as an IVA. Details of these can be found on our consollidation