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Introduction - we have put together some personal budgeting tips for you...   if you have a debt problem or think that a problem is looming, there are some simple things to remember.... 

• Don’t try to borrow your way out of trouble, it rarely works and you will probably just make matters worse.  Consolidation used to try and solve a debt problem often does not work and can end up making the problem worse.

• Don’t make offers to pay your debts unless you are sure that you can afford them.

• Don’t pay off one creditor in preference to another

• Don’t  go into detail with any creditor your situation with other creditors unless you are obliged to declare other debts.

• Don’t allow collecting agents or bailiffs to intimidate or frighten you.

• Don’t ignore the problem and just hope that it will go away. It never does!

• Don’t panic, give up or make yourself ill over debt! Debt problems are solvable and you can put them behind you – as long as you get help – don’t be too proud to ask. 

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• DO take professional advice as soon as you feel that you can no longer cope with your debts.

• DO check out anyone to who you turn to regarding your debt – if you are going to trust this person with your financial matters you want to make sure they are legitimate and trustworthy.

• DO devote all your efforts to improving your income from your employment or your business rather than wasting time and energy worrying about your debt problem

• DO treat with extreme caution any offers of help that include the insertion of capital, third party funding or any type of loan. 

• DO think carefully about Debt Repayment schemes which simply reduce your monthly payments to an affordable amount. This may help in the short term but will mean that you will have to continue to pay your debt over a MUCH longer period.

• DO remember that you are not alone. Getting proper help will only reduce your problem.  Its hard facing it but it makes it easier in the long run.

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