TACKLE YOUR DEBT BEFORE IT GETS OUT OF CONTROL
MILLIONS of borrowers are happy to rack up debts of £15,000 before they start to worry.
A report by CreditExpert.co.uk showed that an estimated one in eight ignore their credit card bills and loans until they top this whopping level. And worryingly, 10 per cent would not bother dealing with their debts, excluding mortgages, until they topped £50,000.
The average UK resident owes £4,500 and CreditExpert, part of credit reference agency Experian, says fewer of us are debt free. Last year, 27 per cent of the UK had no debts, now this is 23 per cent.
"While many still see big debt as socially unthinkable, the reality is that an increasing number are finding it difficult to gauge when debt becomes unmanageable," said managing director Jim Hogkins.
If you have money worries then you will need to put together a realistic budget.
Check your credit score and see what payments you are missing and to what firms you owe money.
Speak to them directly explain your difficulties and find out what you are paying for your borrowing. If you are really struggling then speak to Citizens Advice. You may then have to turn to the Consumer Credit Counselling Service which will be able to create a repayment plan.
Source: mirror.co.uk
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