In the current economic climate, unsecured debts are becoming a more common problem, even for people who traditionally may have never had difficulties with debt. This means that more people are looking for debt management advice to help manage their monthly budget.
It is vital that you fully understand your financial situation. The easiest way is to draw up an Income and Expenditure statement. You should write down on a piece of paper your total household monthly income comprising of wages (including any regular overtime & bonuses or tips), pension, benefits or tax credits etc for both you and your partner.
Then, write down all of your monthly expenditure. This will include your monthly mortgage or rent payment, utility bills such as gas and electric, council tax, telephone, TV license, internet, mobile phones, car tax and insurance, home insurance, transport costs, food shopping and any monthly payments for personal loans, credit cards, store cards, catalogues, car finance, overdrafts etc.
Once you have totalled both sets of figures compare your income with your expenditure. If your monthly expenditure is greater than your income you will be sliding further into debt and it might be time to get impartial debt management advice from a trained professional adviser.
When you are facing problem debts, it is often easier to speak to a professional debt adviser instead of family or friends. There are many ways of managing your debts and one of our friendly advisers will be able to help you choose the course of action most suited to your individual circumstances.
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