It can happen all too easily. You enjoy yourself a little too much at Christmas and you find yourself entering the new year with a pile of debts requiring repayment. It doesn’t matter whether it’s a credit card, store card, catalogue or another form of loan, the bill needs to be paid and you need to do whatever you can to avoid the debt spiralling and getting out of control.
Fortunately, so long as you act early to avoid any problems occurring, there are a number of things that you can do to avoid problem debts. Below we’ve listed a couple of ideas that have worked in the past for other borrowers:
Make A Budget And Stick To It
It’s not the most fun thing in the world but it’s probably the best way to deal with problem debts. Make a list of your incomings and outgoings each month and work out how much is left at the end. If your outgoings are higher than your income, then you need to make cutbacks.
Whether this means going out a bit less and spending a few more evenings on the sofa or popping a few possessions on eBay to tide you over, it’s important to come up with a solution quickly and stick to it. If you’re constantly using plastic for purchases, then it may make sense to switch back to cash so you’re aware of exactly how much you’re spending. With some discipline you could become totally debt free faster than you thought possible.
Reduce Your Regular Outgoings
Gym memberships, online subscriptions, snack box deliveries. We all pay for little extras here and there to make life a bit nicer. If you’re dealing with Christmas debts, then it may be worth getting rid of them for a few months whilst you sort out the worst of your problems. You can always come back to them once your debt problems are over.
Ask for Some Help
If your Christmas debts are a little too big to deal with alone then don’t worry. Our friendly, sympathetic team will listen to your circumstances and suggest the most appropriate plan of action to help get your debts under control. You can call us on 0800 011 2322 or contact us via the website for debt advice, Scotland.