Start dealing with that debt problem today!

By John Baird

It's no secret that personal debts are a real problem for many thousands of families across Britain. The truth is that it's very easy for finances to slip beyond your control once you've started using credit and particularly if you're a parent with so many costs to cover on an ongoing basis.

So if you're struggling with debts on any scale and you're keen to get them back down to more manageable levels then here are some tips to have in mind…

1 – Don't bury your head in the sand

This might seem like an obvious tip to start with but it is amazing how many people adopt the strategy of simply hoping their debts will go away or somehow deal with themselves. This is of course a counterproductive approach and it is a major part of the reason why so many UK consumers find themselves facing serious debt problems.

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2 – Speak to your creditors

If you are really trying to make improvements to your financial position and you want to get a grip on your outstanding debts then you must contact your creditors and explain what you can and cannot pay. It is tempting to avoid phone calls and leave demand letters unopened when you're worried about debts but establishing some level of communication makes cooperation much more likely and can take away a lot of the anxiety that often comes along with debt management.

3 – Create a plan of action

Not everything in life requires a plan of action but the process of dealing with personal debts can certainly benefit from a detailed mapping of your intended progress.

A plan helps to set out interim goals that will seem much more achievable than the ultimate end goal of becoming debt free. You may well face challenges or mitigating circumstances along the way but if you can stick closely to a predetermined plan then your chances of success will be immeasurable improved.

4 – Get good advice and expert help

If you are really finding it difficult to cope with debt pressures then it can start to feel as if you are all alone and the weight of the world is sitting on your shoulders. This is why reaching out for help and guidance in these situations can be so important and it can often prove to be the first real step you'll take in the right direction.

However bad you might feel as if your finances have become, your situation won't be new to financial experts and debt advisors. In fact, there's every reason to expect that a suitably experienced advisor will know precisely how to help and how you can start making positive progress right away.

5 – Take it one day at a time

Taking steps to turn around a really challenging financial situation can be a daunting prospect so it is important just to take things one day at a time once your plan of action has been established. It is easy to be overwhelmed if you're looking too far into the future so staying focussed on the here and now can help keep your feet on the ground and your finances heading forward.

By John Baird

John is a personal finance and insolvency expert from Scotland Debt Solutions. He specialises in advising people on how to manage their money and deal with their personal debt problems.

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