CAB

Your local Citizens Advice Bureau will provide you with free, face to face advice.

Paying off debt

Have a look around your home and see if there are some none essential items you could sell. Many people have got themselves out of debt by selling no longer wanted items on the eBay auction site.

Rent a room

If you have a spare room, you could rent it out to a lodger. You can receive up to £4,250 a year tax free (the figure quoted is halved if the home is jointly owned) in the 2008-2009 tax year.

Getting Enough?

You might be entitled to more money from the government.

You can:

Make sure you're not paying too much tax

See if you're entitled to tax credits

Make sure you're receiving all the benefits to which you are entitled.

Ensure other people living with you are paying their way.

 

The Warning Signs of Too Much Credit Card Debt

You may be in trouble with the amount of money that you owe on your credit card if you find that any of the following ten points apply to you:

  1. You always only ever pay the minimum amount due on your credit card each month.
  2. You spend more on your credit card each month than you pay off.
  3. You use cash advances on your credit card for things that should be paid for by direct debit, directly from your salary, such as council tax, the electricity bill and car insurance.
  4. You have a balance on your credit card that hovers below your credit limit.
  5. You apply for more credit cards in order to increase the amount of credit available to you.
  6. You are thinking of taking out a consolidation loan, secured on your home, to consolidate your individual debts into one huge debt.
  7. You don't admit to yourself how much money you actually owe.
  8. You make credit card payments late and incur charges.
  9. You are using savings to pay off the credit card (this might apply if your circumstances have recently changed, e.g. you have been made redundant).
  10. You are stressed about the amount of money you owe and cannot see a way to repay what you have already borrowed.

 

What should you do if you find yourself in the above situation?

There are some Government supported agencies that will help you if you find yourself to be in debt. You can ring: