Steps to guide you through financial problems

There are often a lot of resources to help you out of your financial problems.

11:15 12 May 2013

Financial problems can occur to anyone, at any time. You never know when you, or a loved one, might suffer a serious illness or become unemployed. Some people have addictions to gambling, or simply become overwhelmed with credit card debt.

 

There is a lot of help available to those of us who are currently experiencing financial problems. The tricky part is that there is not one answer to fix all financial problems.

 

Each case is unique, and each person will handle it in the way they feel is best, but sometimes we just need a little help.

 

• Lists—you will probably need a lot of these. Make one for all of the debt you have so you have a comprehensive idea of exactly how much you owe. Have a total figure, but also know what your debt costs on a monthly basis. This will also tell you the type of debt you have.

 

• Help—once you’ve created your lists find out if any of your debt qualifies for assistance, such as reduced payment amounts or partial forgiveness. It never hurts to ask, you’ll still be in the same boat if the answer is no, so you have nothing to lose.

 

• Income—look honestly at your income to find out if you can pay anything extra. Sometimes simply paying an extra £10 on one particular bill each month can shave considerable time and interest off the repayment.

 

• Consolidate—if your financial problems haven’t affected your credit rating you might be able to receive a loan to pay off higher interest bills and allow you to make one simple payment.

 

• Negotiate—you may be able to contact your credit card companies to ask for a lower interest rate, this is similar to help, but usually is more of a negotiation.

 

Financial problems don’t need to be the end of the world, find out what resources are available to you, and how your situation stands, then approach the issue one step at a time.