How To Get Out Of Debt
The Get Out Of Debt website was developed as a guide to help you access the debt help you need to organise your finances.
When you first get into debt, the experience is one of loneliness, fear and trepidation. For most people in this situation they react by just ignoring the problem. Unfortunately they soon find that this isn't the most effective option to getting out of debt and their debt situation just gets worst.
The best course of action to take is to confront it and make the decision to not shy away from the problem but organise and check out your options. Below is the first small steps you should take...
The First Small Steps to Organising and Getting out of Debt...
- Collect together all your letters from your creditors (debts) together
- Next get a pen and paper and list all your debts (as up to date as you can) and who the debt is owed to (it maybe that the debt has been transferred around abit - list all the previous owners of the debt (this will help you not to confuse who you owe money to)
- Next list all your regular monthly outgoings - electric, gas, telephone etc - don't forget to include amounts for food shopping, clothes and regular living expenses (however don't go to the excess on these amounts - enough to live normally)
- Next you need to list all the money coming in - monthly wages, pension, credits etc
- Next list down any savings you have, mortgage etc
- Once you have done this you then need to contact a professional to help you - We suggest your first point of call should be the Citizens Advice Bureau (CAB) - these are volunteers, who have a considerable amount of experience in this area and they are FREE to use!
- They will help you to draw up a financial statement; run through the options available to you; draw up a repayment schedule and contact your creditors.
- There are other options to choose from as well as or separately to this. You may be able to clear most of your credit card debt or loan debt by using Financial Contract Agreement Irregularity Claims companies - please click here to contact them now for more information on this.
- Finally you can employ a debt management professional, they have a number of different options for you to clear your debt or to manage your creditors - please click here for more information on this.
Please remember this is just a guide to help you and get you started on the road to sorting your debt out.
However congratulations, as the hardest step is actually the first one - confronting your debts and taking them on - YOU can make things better - YOU can get out of debt - it really is up to YOU!
So now for the next step - and don't leave it till tomorrow!? Start doing your list now and then call one of the professionals - they are there to help you with your debt problems.
Next page: Organising Your Finances and Saving Money