When to get debt advice
When to get debt advice

Not all debt is necessarily a problem – and it’s important to remember that borrowing allows many people to own a home, buy a new car or cover costs in an emergency. However, some debts are a problem and can have a real impact on your financial health if they are not dealt with.

Here’s a short list of some debt problems to look out for. If any of these problems sound familiar, it’s well worth talking to an expert – or for more debt advice, look at this site.

Really, problem debts are the ones you cannot afford to repay as well as meeting all your other essential living expenses. If any of the following sound like your situation, it may be time to seek debt advice – even if you’re not facing serious problem yet, you soon could be.

-         Cannot afford to reduce your overdraft.

-         Can’t afford to keep up with loan repayments.

-         Having to put everyday expenses on your credit card by the end of every month.

-         Borrowing more by the end of every month – and you don’t know how you’ll pay it back.

-         Don’t know what you owe.

-         Do know what you owe – but there is no way you could pay it back in any kind of realistic timeframe.

-         A drop in income means you cannot make debt repayments as well as paying for all your living expenses.

-         Can’t afford minimum payments on credit cards.

 

Some of the potential effects of debt problems:

If any of the following has happened to you, getting some debt advice would be a good idea:

-         Bailiffs.

-         CCJ.

-         Default.

-         Threatened with repossession.

-         Debt collectors at the door.

There are multiple debt solutions out there for people with debts problems who are struggling or think they might do so in the future. Don’t suffer in silence if you think you need to take positive action now!

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