It’s that time of year that everyone hates… The hype of Christmas and new year are out the way and our bank balances have felt the pinch. For most of us a month pay has had to stretch from before christmas to the end of January which is a very long time to be out of pocket so it’s not surprising that so many of us are tempted by credit cards, loans, buy now pay later and other means of income that mean we owe money. This is fine if you can afford the repayments on time and be out of debt before you know it but what if you can’t? Maybe you’ve lost your job, bills have cropped up or your just struggling to pay the money back. One thing is for sure, digging your head into the sand won’t help at all but there are organisations and lots of helpful hints and tips out there that can help you manage your debt.

Citizens Advice Bureau (CAB)

These are a charity that deal with a magnitude of issues but one of the things they are contacted about the most is debt advice and they helped over 6,000 people last year in England and Wales alone. Not only can they help you contact your creditors and work out a repayment schedule that suits you but they also take a look at your incoming and outgoing spending which can help you budget better in the future. They also have a website with loads of factsheets on various subjects and as it’s always professional, impartial and free advice, it’s definitely worth putting pride aside and asking them for help.

Debt advice agencies

The money advice service website has a locator service that allows you to search for debt help in your local area or there are loads of helplines and websites out there that can offer free advice over the phone, with factsheets or even online webchats. These include business debt line, payplan, debt advice foundation, national debt line, stepchange debt charity, CAB (above), community legal advice and many more.

Making informed decisions

One of the best ways of avoiding debt is by not borrowing money in the first place but we live in a world where borrowing is so easy and just living costs so much that there comes a time for everyone where you at least consider it. All I can say is consider it deeply before you dive in… Are there other options? Can you afford repayments? Is it the best repayment scheme for you? I’d recommend checking out Money Saving Expert and the Money Advice Service as they offer a lot of financial advice that would come in handy before you make a decision to lend money or invest in a credit card as this could make all the difference. Always remember you’re not alone and help is never far away.