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FAQ - Dealing with debt, ways to help debt problems

Have your finances taken a turn for the worst? Are you now worried about meeting your next credit card bill? Maybe you are already beginning to feel your debt is out of control.  In this article, we will offer you help and advice on dealing with debt.

I've spent too much. What should I do?
You should not just ignore your debts. They will not simply go away. It is important to address and deal with the problem before it spirals out of control.

I am in debt. Will my lender get nasty?
It is important to act promptly and to talk your lender in to allowing a licensed debt management company to act on your behalf. Most companies are sympathetic to people who cannot afford repayments, as recovering debt can be enormously expensive for finance companies. They are often willing to work out an agreement with you, as long as you keep them informed.

Should I take out a consolidation loan?
Debt Consolidation loans can be a tempting "quick-fix" solution, but they could also damage your finances even further. It seems like a good idea – consolidating all your debts in to one easy monthly payment. Some debt counselors, however, will warn people to steer clear of such loans. Interest rates on these loans may be a lot higher than those available on the High Street. They may come with payment protection insurance with unfair terms that will not cover you should you fall ill. Such consolidation loans also tend to be “secured” loans, which means you could lose your home should you fall behind in payments.

What bills should I prioritize?
Debt experts advise people to prioritize repayments on essential services such as mortgages and utility bills. If you are paying off a range of credit cards and store cards, you should pay off those with the highest rate of interest first. You could also switch your balance to a credit card that charges a lower rate of interest

Should I be saving or paying off debts?
A general rule is to pay off your debts, for example your mortgage and credit card, before you start saving. This is because the amount of savings income you can get is almost always dwarfed by interest rates you pay on your debts. To check whether you are better off saving or repaying your debts, you should compare the interest rate on your credit facilities with your savings or investment rates.

Should I consider a debt management program? 
Whether this is right for you or not, you certainly should consider it. Betterway will negotiate on your behalf and significantly help reduce your current payments.