The truth about bankruptcy
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Are you worried your debts are getting out of control? There are six way to tell whether you have problem debt you need to know about.
Struggling to make it to the end of the month without running out of money? If so, you’re not alone.
In fact, millions of us struggle to pay our bills each month, whether it’s credit cards, loans, car finance, overdraft, store cards or catalogue debt.
But how do you know when your debts have become a problem? Personal debt experts, Debt Advisory Centre, explain 6 ways to tell if your debts are out of control:
1. Cutting back
You’re up to date with all your debt repayments, but you’re cutting back on essentials, like food, to make ends meet.
2. Falling behind on bills
You’ve started to get behind with other bills – like your rent, council tax or gas and electricity – just to keep on top of your debts.
3. Using other credit facilities
You’re having to use other credit – like your overdraft or credit card – to make your debt repayments.
4. Anxious about money
Money worries are starting to impact on your mental or physical health. You might feel worried or stressed, or can’t sleep. This may be having an impact on relationships with family, friends and loved ones.
5. Unable to borrow
You’ve applied for further credit but can’t find anybody who’ll lend to you.
6. Avoiding contact from lenders
You dread the post arriving or calls on your mobile in case it’s one of your lenders trying to get in touch.
If you recognise one or more of these warning signs, then it’s time to take action.
A great place to start is Debt Advisory Centre’s free, online Money Smart report. It takes just 2 minutes to answer a few simple questions and will show you the best way to tackle your debts and start to get debt free.
by Christine WalshBack to blog home