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Dealing with Debt

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As the global recession continues to bite, many people are becoming increasingly affected by debt and its numerous complications. Debt can be hugely detrimental to a person’s quality of life and wellbeing, and can often feel like a leviathan-like insurmountable burden that can impact upon all aspects of your life, casting a bleak shadow on the present and future. Unfortunately, as the cost of living rises and many wages are frozen, more people are finding themselves in debt, and if you are the one of millions currently affected by debt-related issues, you should remember that you are not alone.

Debt help is available

Fortunately- if you are in debt and don’t have sufficient funds to cover your regular outgoings and overheads- you do have rights, and there are resources and organizations that have been set up to help you.  Like many people, it’s likely that you’ll use the internet to locate information that can help you, and if you punch, “debt-advice” into your search engine, it’s possible that dozens, if not hundreds, of options will appear.  Indeed as a consequence of the past half-decade of consistent, economic austerity- debt management, consolidation and management has become a profitable and highly lucrative industry.  How you handle your debt and on what terms you do it, will have a long-term impact on your life, so how can you be sure that you’re getting the best and most reliable advice?

Get the best debt advice

Firstly, in order to boost your confidence, it could be worth-while consulting with an organisation that you’re aware of.  For many people this is likely to be the Citizens Advice Bureau- a public resource that has tirelessly addressed the multiple challenges that people have encountered in their day-to-day lives for decades. Crucially, the organisation provides face- to- face advice, which can help you to get things off your chest, as well as allowing for empathetic human contact. The CAB will be able to advise you of the legal implications of the debts you have, and will give you sound advice on how to deal with them.  As the nature of debt can often be fairly complicated and is generally fraught with much procedure and often, ambiguous, jargon, the CAB will be able to help simplify matters- so you are able to construct an effective and well –informed action plan.  The CAB will also help you to discern between priority and non-priority debts, which can help minimize the threat of property re-possession and bankruptcy.

Dealing with Debt

Go online to get information

However, whilst the CAB is an excellent resource, it can often take some time to get an appointment. Therefore, you may wish to abate your anxieties by accessing information immediately- and if this is the case, online resources can be helpful.  If you wish to do this it’s advisable to seek the advice of a non-profit organization or charity- which has been set up through altruistic motivation, and will therefore offer advice which is accurate, objective and not commercially motivated.

The National Debt Helpline fits these criteria and offers comprehensive advice on debt and its numerous forms. The Helpline also provides an exhaustive range of resources, such as a personal budget section, sample letters for creditors, information on how to obtain a debt relief order and a simple breakdown of the different types of debts you can find yourself in, and how to deal with them- effectively and quickly.

So, whilst being in debt can prove to be a highly stressful and sometimes overwhelming experience, resources do exist to help you to plan a route out of it- and two highly reliable resources are the Citizen’s Advice Bureau and National Debt Helpline.

 

 

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