When something happens we didn’t expect such as unemployment, death or additional expenses, it can cause people to fall into debt.
What’s important is how people deal with debt and who they tell their debt story to, such as a debt advice charity.
Whether someone has a bad payday loan experience or they just fell behind on credit card repayments it’s important to seek advice.
There are a number of organisation who will offer free financial and debt advice which will help resolve your debt problems.
Debt Advice Organisations
We won’t name specific debt advice organisations because that would be unfair to others we fail to mention.
What’s important is the advice should be free and the organisation should be accreditation with a consumer credit licence.
Generally charity debt advice organisations are the best to speak with however there are some good for profit companies.
Solutions to Debt
Ask Friends or Family
Not everyone is able to speak with their family about debt and most families aren’t in a position to help.
Enter Debt Solution
If you friends or family are not able to help it’s important to speak with a debt advice organisation.
They should take your income and expenditure before telling you exactly which debt solution is best suited to you.
This is not a solution most people should be considering, however if the debt problem is more about high interest charges it could help.
An example of this could be paying a payday loan debt with an interest free credit card which help reduce your monthly repayments.