It can be easy to become overwhelmed when you’re in debt, particularly if you’re finding your debt difficult to keep track of and hard to pay off. Debt problems are common, but it’s best not to ignore them; debts can grow quickly and soon get out of hand. By speaking to a debt adviser and managing your debts proactively, it is possible to work towards becoming debt-free.
There are many different ways that you can manage your debts, from setting up a debt management plan to making an Individual Voluntary Arrangement to pay off your debts in affordable amounts. If you are definitely unable to repay your debts, it may be best to apply for bankruptcy, which will clear your debts – though it may require you to also sell possessions or assets. The best debt management solution for you will depend on your individual financial circumstances and the size and nature of the debts you owe.
In some cases, consolidating smaller debts into one single debt may be the best option. While this does involve taking out further credit, it can often result in lower repayments, lower interest rates and a simpler payment plan. Debt consolidation is not always the best solution to debt problems but for some debtors it can be a great help.
Interest payments and extra charges can quickly make relatively small debts grow into substantial problems. The key to successful debt management is arranging to repay the debt in steady, affordable instalments. National Debt Help can assist you in managing your finances to overcome debt problems and budget realistic repayments to pay off debts gradually before they become unmanageable.
Expert debt advice
It’s important to consult experienced debt professionals before making any big decisions which might result in further debt. While it might be tempting to take out further loans or to manage big debts yourself, you may risk losing your home or assets or becoming bankrupt if you fail to make your repayments.
If you’ve got debt problems and you’re looking for expert advice on debt management solutions, then contact National Debt Help on 0800 002 9051, open Monday to Friday from 8:30am-8pm. You can also use our debt calculator to figure out which debt solutions may be suitable for you. Act now to get your debts under control and to manage your debts while protecting your assets.
No matter what debt advice you need, National Debt Help has the solution to take your worries and stress away. Below are just a few of our many debt solutions:
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