Thursday, 28 August 2008

DEALING WITH YOUR DEBT AS THE CREDIT CRUNCH WORSENS

We all know that when your debts are overwhelming the first thing you need to do is stop all unnecessary spending, but what happens when you’ve done that and still can’t manage loan or credit card repayments and pay for the basics?

The first thing to remember is – do not panic. Easier said than done – but at this point it is important to think clearly and not jump into more trouble. For example do not be tempted by those TV adverts that offer you an “easy” way to consolidate your debts – these loans will cost you far more in the long run, even though their “low” monthly repayments seem attractive. These companies are commercial and do not have your interests at heart.

When things have got so bad that your income won’t cover your utility, mortgage or rent bills and food and your minimum loan or credit card repayments, you need professional, impartial help. There are 2 main providers of this help; the Citizens Advice Bureau and the National Debt Line and the links below will set you on the road to a solution:

National Debt Line
just click the appropriate area (Scotland or England/Wales) on the left and take time to read or download all the advice.
Citizens Advice Bureau
this is the home page of the Citizens Advice Bureau and mainly, shows how and where to get advice and gives contact details.
Citizen Advice Bureau's advice site
this is the CAB’s advice guide site. Just click on one of the links on the left of the home page for a comprehensive range of advice to show you how to deal with your debts.



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