Are your debts spiralling out of control?
Despite the glossy spin which many people are trying to place upon the UK economy there will be many difficult weeks and months ahead for millions of families in the UK. Whether or not we see the emergence of the so-called feel-good factor in the short to medium term is debatable but the truth is that debt problems in the UK are still prominent and likely to get very much worse before they improve. So are your debts spiralling out of control?
If you on the verge of financial difficulties, or have in fact crossed the line and are struggling, you need to address your debt issues sooner rather than later. First of all you need to clarify exactly what your financial position is by listing all of your debts, all of your assets, your expenditure on a monthly basis and your income. Once you see the figures in black and white it may shock you initially but it will also allow you to target various areas of your cost-of-living which can be reduced or in some cases eliminated.
Now is the time to do away with those luxuries such as Sky TV, maybe a second car and other items and services which could be described as a luxury as opposed to a necessity. Only then will you be able to strip your cost-of-living down to the bare bones and see whether you can rescue the situation or you need professional advice and assistance.
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