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How to manage debt


What steps can you take to avoid
getting into debt? And, if you are already in the red and worried about coping,
how can you repair the damage? Debt is a fact of life for many people these
days, but if you follow some golden rules you can avoid. Apart from trying not
to overspend, there are some ways of minimising your chances of getting into
debt. One of the most common forms of debt is caused by overspending on credit
cards. If you can't trust yourself, avoid them.

Consolidation loan companies offer a
tempting "quick-fix" solution to debt but debt counsellors advise
people to steer clear because the interest rates charged on these loans are
normally much higher.

They often come with payment
protection insurance which may not cover you if you are made redundant or fall
ill. People in debt should also avoid paying for so-called "debt
counselling". There are plenty of free services available.

A general rule is to pay off your
debts, such as your mortgage and credit card, before you start to save money.

If you've
spent too much remember that you must tackle the problem before it escalates
out of control. At first you should prioritise your responsibilities. Essential
services such as your mortgage and utility bills should be your first concern.
If you are paying off a range of credit cards and store cards, you should pay
off those with the highest rate of interest first.

Despite what you may think, most
companies are sympathetic to people who cannot afford repayments because
recovering debt can be enormously expensive, so they are often willing to work
out an agreement with you.