Debt Advice: How You Can Get SupportComments Off on Debt Advice: How You Can Get Support
Debt Advice: How You Can Get Support
As the cost of living crisis continues to increase the financial pressure facing many households in the UK, it’s never been more important to keep a close eye on your money so that you can recognise quickly if you have debt issues. If you do, it’s also important to know where to turn for help, advice and debt support.
So how can you tell if you’re at risk of getting into debt and what can you do about it? Read on to find out.
How to recognise you have debt issues
Anyone can be affected by debt, which can creep up suddenly and turn a manageable financial situation into an out of control problem that can result in sleepless nights and feelings of embarrassment and shame.
Luckily, it is possible to spot the signs of impending financial difficulties and stop them before they become a serious issue. Read the following statements and see if any apply to you. If they do, this may be an indication that you have debt issues and should seek help and advice to help you manage them.
- I can’t put a figure on how much I owe
- I rely on credit to cover my living costs
- The amount I owe is rising
- I’ve been contacted by a debt collection agency
- I’m making minimum payments
- There are arguments in my house about money
- I sometimes hide purchases from my partner
- My credit cards are near the limit
- I have no savings left
- I skip paying bills some months or pay them late
- I’ve started to use payday loans
- My debt worries interfere with my job and/or home life
- I can’t sleep because I’m worry about my finances
- I haven’t got any emergency savings
- I don’t open my bills when they arrive
How and where to get debt advice and support
If you think you would benefit from help and advice, there are several organisations that can help.
Citizens Advice has lots of information on its website, with advice on everything from dealing with urgent debts and/or arrears to reducing your outgoings. Click here to find out more.
MoneySavingExpert also has a wealth of information re debt problems and the help that is available on its website.
Closer to home, our Money and Budgeting Service (MABS) works in partnership with Housing Leeds to help tenants who are struggling to budget their money and pay their bills. We can help you arrange affordable payment plans to cover your arrears and look at switching providers if cheaper alternatives are available. To get in touch, click here.
Take back control of your money with an LCU debt consolidation loan
A cursory glance at almost any British news outlet will give you an indication of the financial difficulties people in the UK currently face, with debt a common issue in many households. While this is naturally a cause for concern, it’s important to remember that financial help from reputable lenders is available to anyone who needs it.
At Leeds Credit Union, we don’t charge any set-up fees for our debt consolidation loans, nor do we charge any penalties for early loan repayments.
Debt consolidation loans are loans that an individual takes out to pay off their existing debts. The individual uses the money from the debt consolidation loan to pay off the people or companies to whom they are in debt, then repays the loan in monthly instalments.
Debt consolidation loans can be used to pay off different types of debt, such as credit cards, overdrafts, store cards or personal loans.
Taking out a debt consolidation loan is an effective way of taking back control of your finances as it allows you to immediately pay off all your debts and leaves you responsible for just one repayment each month.
When you have several lenders to repay each month, it can be easy to forget to make a payment, especially if the repayments are for different amounts and due on different dates. Needless to say, this makes budgeting and general money management much more difficult.
Because bigger loans often come with lower interest rates, debt consolidation loans can also lower your monthly repayment amount, reducing your outgoings. The repayments can also be spread over a period of time that is more suitable for you, which could potentially lower your monthly repayments too.
For more information or to apply for a loan, click here.