Top tips for reducing your debt

With the Citizens Advice Bureau dealing with 9,562 new debt problems each day in England & Wales, the UK’s personal debt problem is a serious issue.

To help reduce your debt, we’ve suggested some things you can do:

  1. Write down all the amounts you owe – include all credit card balances, store cards, personal loans and any other unsecured debt.  You need to know exactly what you owe before you can start to tackle it.
  2. Shop around for lower rate credit cards – there are deals to be had but just remember that any promotional rate you get may only last for a limited time.  Make sure you diarise the end date and shop around before the promotional rate ends.
  3. Boost your income – are there extra hours available at your place of work?  Could you take on a second job in the evenings or weekends?  Why not have a clear out and use websites such as eBay or Gumtree to sell things you no longer need.
  4. Avoid unnecessary charges – pay on time and make sure you pay at least the minimum amount each month towards your debts.  Direct debits are the best way to pay so that you don’t miss payments.
  5. Check your credit file – request a copy of your credit report from Equifax, Experian or Call Credit and check its accuracy.  If there are any mistakes, ensure it is corrected as soon as possible as this could affect your ability to access credit in the future.

There will be more top tips for reducing your debt coming soon……

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