Debt Solutions | Are growing costs pushing you into debt?

A man in debt.

There is much more help available for people struggling with debt than you may realize. (Photo: Thinkstock)

These days, it seems everything is becoming more expensive. The value added tax (VAT) has increased from 17.5 percent to 20 percent, meaning all kinds of goods and services have suddenly risen in price. Meanwhile, gas prices stand at an all-time high, and most of the “Big Six” energy suppliers have announced price rises on gas and electricity. Many people will reluctantly have to put up with this increase somehow — but if you’re already in debt and having problems with your repayments, things may altogether be more serious.

It could even be that the recent increase in your costs has finally pushed your finances over the edge, leaving you unable to meet all your monthly expenses. Whatever the case, if you think you’re in trouble, you should get help as soon as you can.

Debt management: What help is available?

There is much more help available for people struggling with debt than you may realize. In fact, it’s fair to say that no matter how serious your debt problem may be, there could well be a debt solution that can help.

Before you start thinking about specific debt solutions, take a close look at your finances to see whether there is any room for improvement. For example, some people have found that their financial situation improved significantly just by putting together a strict budget (in which money for essential costs is put aside at the start of each month). Others may find they are able to cut back on a few things to help meet all their debt repayments. If this does not seem likely to help, you may need to speak to a debt adviser about other helpful debt solutions.

Choosing the right debt solution

There are various debt solutions available, each designed to help with different kinds of situations. For this reason, you should talk through each possible solution in detail with your debt adviser. They should be able to help you find the approach that best meets your specific needs.

Source

Economy Watch

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