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 Top Tips for Problem Debt

Don’t avoid phone calls and letters from creditors

Ignoring the problem won’t make it go away.  In fact, it will usually make the problem worse!

Pay attention to priority expenditure such as rent, mortgage and household bills

Make sure these are being paid. 

Think about WHAT you’re spending

Keep a list over a period of a few weeks and see if there are any areas in which you can manage your money better.

Think about WHY you spend what you do

Yes, University is only for three years and you want to have a good time but bear in mind that getting into financial difficulties can cause a lot of stress and if you get behind on credit repayments, this could affect your credit rating and your ability to get credit after you graduate.

Think about WHEN you spend money

Do you buy things to make yourself feel better when you’re bored or depressed?  Be aware of how you’re feeling and don’t allow that to dictate what you spend.  Instead of going shopping, do something else instead.

If you think you’re going to get into financial difficulty, seek advice as soon as possible.  

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