If you are in financial trouble you should be proactive!
The last few weeks have seen the realisation that while the UK banking sector has recovered from the lows of earlier this year the situation is still dire for UK consumers. There are many UK consumers who are unable to cover their credit card payments, struggling with their mortgages and falling deeper and deeper into debt. So what do you do if your situation is becoming very difficult to manage?
The best thing you can do, if your financial situation is worsening and you feel as though you will not be able to fulfil all of your obligations in the short to medium term, is to contact your bank and financial services provider. If you catch the situation early enough you may be able to reorganise and reschedule your debts before they get out of hand, although this will depend on your specific situation.
If you "bury your head in the sand", assuming everything will be okay in the end, the chances are your bank or financial services company will be less understanding and less sympathetic to your cause. They will be able to tell that the situation has been worsening for some time and will not appreciate the fact you have kept them in the dark. There is a need to be proactive rather than reactive although as ever you should take professional independent financial advice at the earliest opportunity.
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