Tips to help you stay out of debt

Total Unsecured Debt

Under £15000 Over £15000

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It's well known that being overwhelmed with debt can affect your decision making, and in extreme cases your health. The hardest step for many is approaching someone for professional debt advice. If you're not ready to make that step yet, then we have listed a few well known tips for coping with debt problems, but one should always remember, each individual's circumstances are unique, and these tips for staying out of debt may not suit everyone's circumstances.

Many believe it's best to avoid any offers that provide long-term 'interest free' credit, for example, even though they may be very attractive and tempting, make sure that you read the fine print to look for excessive late payment charges or hidden fees. Store cards may also look attractive as they often give a free gift or let you save money on your first purchase. However, some cards have interest rates of almost 30% APR. If you come across an opportunity to transfer an existing balance on either a credit card or a store card to those that have 0% interest on transfers, then you should opt for this, but again, be sure to read the small print carefully and of course you should shred the old card.

You should avoid credit card cheques that can be used at retailers where credit cards are not accepted (these cheques are usually sent out with statements). These cheques are sometimes far more expensive than other methods of payment and most retailers accept credit cards these days.

Finally, use the resources you have available to you such as this publication and advice that can be given by various organizations such as Citizens Advice (citizensadvice.org.uk), the Consumer Credit Counselling Service (cccs.co.uk) and of course expert and confidential advice is available from Debt Solver.