7 top tips to help deal with debt

This week is Debt Awareness Week – a great opportunity to put the issue in the spotlight.

Most people have debts of some sort, whether that’s car payments, bank loans or credit cards. However, 16% of people have debts that can be described as problematic.

If you have rent arrears, these should be your top priority as you don’t want to lose the roof over your head. We have friendly staff who can help you if you are in this situation.

If you have debts and are looking to get them under control or paid off, or even if you just want to give your finances an overhaul and begin saving up money, here’s eight top tips to help:

1. Firstly, get a good overview of exactly how much you have coming in, how much your bills and repayments are, and how much you are spending. If you need help with balancing your budget give us a call or have a look at this free advice service.
2. If you are struggling with debts, make sure to tackle the priority debts first, if you are unsure about which debts are a priority, further information can be found here.
3. Stay focussed on clearing debt. It might seem like cutting down on fun things can be very boring, but clearing debt can be very satisfying, and when it’s cleared off or under control, it’ll feel like a huge weight lifted off your shoulders and you should feel better off.
4. Try phoning creditors and asking what support they have for people struggling with debt and repayments, if you are unable to do this or need help to do this contact a free advice agency – information on agencies available in your area can be found here.
5. Check that you are claiming everything you are entitled to – benefits and other financial support change all the time so its worth checking if there is anything else you can claim. Give our Financial Wellbeing Team a call on 0300 123 2640.
6. Detox your monthly payments! Are there any regular payments that you can cut out, e.g., gym membership or tv streaming subscriptions you don’t use much?
7. Ask for help. Our own Financial Wellbeing Team can help if you have rent arrears (or not) they can help you budget and check if there’s any benefits or grants you may be eligible for. Get in touch with the team on 0300 123 2640 or via MyHillcrest app.