The number of people in large amount of debts is increasing all the time and more people are actively seeking out ways in which they can reduce their outgoings.
But overspending can often be the result of basic financial error, such as:
1: Taking out a credit card to pay off another credit card.
The problem here is that although you may start off with good intentions, it can be all too easy to start build up debt on both of these cards! You will be paying high rate of interests on both of your debts.
2: Missing payments.
Missing payments can cause a number of backlashes. For example, you will have a charge added to that debt as you have not paid it, you will have to pay the minimum payment as well as the next due payment next month and missing payments regularly will damage your credit rating.
3: Retail Therapy.
Often seen as the way to bring a bit of spark back into our lives during the down times, it can become a financial nightmare! You need to make sure that you can afford to treat yourself to that luxury item before you flex your plastic.
4: Not facing up to your finances.
It can be too easy to sweep your finances under the carpet and leave those Red Letters unopened. But if you are struggling then you need to regain control of your finances. The longer you leave it the more it will impact your financial future.
One Advice understands that the number of different products to help you with your debt can often seem confusing and you might not know where to turn. But we can offer you FREE help and advice on your debt and offer you potential solutions, no matter how bad your debt has become.
Please see our website www.oneadvice.co.uk or call our advisors today on 0800 048 1752.