It’s common for women to control the finances in the household but with a recent survey showing that debt worries are causing a third of women to lose sleep there is a concerning need for debt management help and advice for many people.
The good news is that there is no debt problem that can’t be resolved. In this article we highlight the simple process to follow to sort out your debt problems.
Take action quickly to sort the problem
Research has shown that people wait too long to get debt help, so if you are reading this article and think you have a debt problem, do yourself a favour and take action now. The best thing you can do is to talk to a professional debt advisor. There are organisations such as EP Debt who provide free debt advice and this will help you identify the issues and they will provide the best debt solution options for you to consider.
Start with a plan of action
The first step is to decide to work out the extent of your debt problem. This can be done by simply listing all of the debts you have, who you owe, how much you owe, what your contractual monthly payments are and what you are currently paying.
This will give you a clear picture of where you are at and how big or small your debt problem is. Don’t be shocked by what you see as this is often the stage where most people realise that they really do have a problem.
Don’t let what you see at this stage put you off. You’ve taken the most important step now and its important to follow your action plan.
Prepare a budget
This is an important part of the action plan for two key reasons. Firstly it puts you debts in perspective in relation to you income and shows what you can realistically afford. The second and probably most important point that many people often don’t realise is that you can only ever be made to repay your debts at a rate you can afford.
Get professional debt help
This is an important part of the process and one that some people find the most difficult, asking for help. An experienced advisor will generally be able to offer debt help that provides the best debt solutions including dealing with your creditors and agreeing terms with them on your behalf.
It’s not an easy process, resolving your debt issues but you will find that it often gets easier once you’ve taken the first step and the benefits of moving out of debt are always worth the effort.
So don’t delay, make the start now and sort the problem.