Personal debt levels is a big problem in the UK, with many of us finding that our debt is increasing and we have very little or no savings. It is important to have good control over your finances so that you can take control of your debts and boost your savings.
Below gives you some Debt Warning Signs which you might want to look out for. The credit crunch means that our finances are stretched more than ever, but the good news is that there is debt help available. One Advice can offer you further debt advice about a range of debt solutions – call our debt advisors today.
1: You don’t understand your finances – If you are unsure of how much money you have in your account, unsure about your true level of credit card debt and are unsure about what interest rates you are paying, then it is true to say that you do not understand your finances.
Your debts could be much higher than you originally thought and you could be paying a sky-high rate of interest, so it is important that you take control of your basic finances.
2: You can’t seem to save – If you are not saving but feel as though you should be affordable, then it is important that you tackle this debt warning sign head on. Saving means that if the unexpected happened, such as car costs or being make redundant, you have available funds to see you through this rocky period.
3: You are a constant credit card user – The fact is that getting into credit card debt is much easier to get into then get out of, and if you are constantly using your credit card to pay for essentials then it is likely that you are masking a much deeper debt problem.
It can sometimes be a sensible idea to use your credit card to pay for goods online, as this offers you extra protection incase something goes wrong with the transaction. But failing to repay the debt at the end of the month means that you are building up your debt levels on a monthly basis.
4: Robbing Peter to pay Paul… – If you are borrowing money to pay the debt that you already owe, either by making this payment by credit card or getting a further loan, then you could find yourself stuck in this continuous cycle of borrowing which is going to land you further into debt.
If you recognise any of these debt warning signs, please do not be afraid to get debt advice. Struggling with your finances does no longer mean that you will have to declare yourself bankrupt and there are a number of debt solutions available. Get in contact with one of our debt advisors today.