I need help getting out of debt
To get out of debt you need to arm yourself with the right information that you can act upon. Its easy to panic when you are in debt and not know what to do or where to start. That’s why it is so important to get a good understanding of your own finances and work out a strategy to get you to where you want to be. A qualified financial advisor or debt counsellor will be able to help you work through your options. Before you sign up for help from any agency, do your homework. Find out what the organisation’s reputation is like. get recommendations from friends or check out what people think of them on social media. You can also do some work yourself if you choose. A few things you can do now. Get a big sheet of paper in front of you and try and write down all your outgoings, direct debits, cash spend, irregular things like holidays and car repairs, everything. Then try and work out what your average monthly outgoings are and compare with your total income. If you are in debt, you likely will be spending a lot more than you are bringing in. Once you know what you are working with, you need to try and balance your budget.. i.e. spending exactly or slightly less than your income. You may need to decide what you can cut out of your life to make this work. In your outgoings you should also include debt repayments, in particular any for secured loans, such as mortgage repayments. For any unsecured debts (e.g. credit cards), it is worth considering spreading payments so they are more affordable while watching the total cost of the debt. There may be debts you can have written off, if you seek the right advice. Make a plan and try and work out how long you will need to maintain your strategy until you are debt free.