Debt Management

25 May 2011 - Which Way To Pay

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Debt Management

If you are in debt there are a few important steps you should take to begin reducing it. First of all make a list of everything you owe. You should sort out exactly what you owe and who you owe it to. The most important debts are known as ‘priority debts’ and they aren't always the biggest ones. Priority debts are ones where serious action can be taken against you if you don't pay what you owe. For example, you could lose your home, be disconnected from a service or even go to prison.

Priority debts usually include things like secured loans, rent, taxes and utility bills. Non-priority debts include things like: credit card and store card payments, bank loans, overdrafts, money you've borrowed from family or friends. You shouldn’t ignore these, but you don't need to deal with them as a first priority.

Work out a weekly or monthly budget to see what your income and expenses are, it can also show you where you can save money. A budget will help you decide what you can reasonably afford to repay your creditors, so it’s important to be realistic.

Finally if you are still in trouble you should look into a debt management plan. On Which Way to Pay you can compare different companies who offer debt management plans. Good Luck!



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