The problem with debt is that by the time most people realise or are prepared to admit that they actually have a problem it is at a level where it is already affecting their daily lives in a range of difficult and detrimental ways. The reaction of most people is to go for short term fixes such as taking on more credit, extending overdrafts or taking out loans from dubious or ruthless lenders, all of which only serves to make the problem worse. Taking on more debt to solve an existing debt problem is often the route to a downward spiral of serious debt problems that can quickly get out of control.
It’s all about taking action
Procrastination, not facing up to the problem and hoping it will go away is another recipe for disaster that will almost certainly make the problem worse and can easily result in legal action against you by your creditors which just makes it even more difficult to sort. Many people are just unsure what to do and when they speak to their lenders the response they get it usually totally unhelpful and the problem remains unresolved.
It is easy to see how an initial debt problem can simply get worse. But it doesn’t have to be like this and although you owe money to these financial organisations, more importantly than that, you owe it to yourself to sort the problem and move away from the misery that so often comes with debt problems.
The answer is actually pretty simple: you need to take action as early as possible and a major part of that action is to seek professional debt advice. Don’t let the extent of the problem overwhelm you and don’t let the thought of asking for help embarrass you or put you off. By following this course of action you will be on your way before you know it to resolving your problem and consequently improving your financial circumstances.
Here’s what to do
First of all list all the organisations you owe money to, how much you owe them and how much you should be paying to them each month. It doesn’t have to be accurate to the penny but get it as close as you can. There should be plenty of correspondence to give you this information. If you don’t have it simply call the lenders and ask, they must provide it to you.
Make out a basic income and expenditure statement by just listing your income on one side and your normal living expenses on the other. Again this doesn’t have to be to the exact penny but make it as accurate as you can.
These two simple steps will give you a clear picture of exactly where you stand and the extent of the problem. More importantly it will give the debt advisor the information he or she needs to help you.
The next step and this is the important one is to speak to a professional debt advisor. There are many to choose from and you’ll even find some where the advice is free. Do not worry about this step as experienced debt advisors are dealing with people every day who have problems just like yours and they are there to help. Most people find that once they have made contact with an expert debt advisor it is as if a huge weight has been lifted from their shoulders.
This is a simple and quick three stage process that is proven to work time after time, so do yourself a real favour and take action on it now.