Coping with Debt

27 July 2010 - Which Way To Pay

    



Coping with Debt

 

 

Household debt in the UK is at a frighteningly high level the current average amount stands at 8,716.  Households with unsecured loans have an even higher average debt at 18.159.

 

Trying to deal with the costs of debt, from bank overdrafts, credit cards and any secured and personal loans to unexpected costs of life such as moving house, divorce or a death in the family can make for panic-inducing thoughts.

 

However, Brits are now being encouraged to try and prevent their debts from getting out of control.  In other words, take action before the situation spirals into dangerous territory.

 

By making a household budget is one way of preventing out-of-control money matters.  This is a proven method to improve a situation which is threatening to turn bad.

 

For people where things have already arrived in debt territory, it is wise to take a moment and consider the options before rushing into decisions.  Many people consider borrowing more money without careful consideration.

 

Seeking debt advice from an independent adviser, or turning to a Citizens Advice Bureau, might be a better first step.

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