get out of debt

DON’T

• Bury your head in the sand
  Sometimes simply facing up to the debt and acting on the concern is enough to start solving the situation.
• Rush into debt consolidation loans
  Carefully consider your options - there are many ways to reduce your debt so don’t rush headlong into the first thing to offer you a solution.
• Continue to spend inappropriately
  Recognise your bad habits and make moves to correct them - if that means cutting up a store card - then do it!
• Panic!
  Even though you may feel there is no way out there always is! Most lenders are actually very understanding and would prefer you to be straight with them than continue with non payments etc.

DO

• Be honest with yourself
  Seriously look at your financial situation - what do you spend against what you actually earn. Start to budget write down all your essential costs - mortgage/rent, food etc. Assess where you can make cutbacks.
• Cut up those cards
  More effective than anything else at stopping the debt escalating further
• Seek advice
  Your bank is a good place to start, research the web, broadsheets etc. for financial advice regarding good card rates etc.
• Switch your card debt to cheaper providers
  Many card providers are operating 0% on balance transfers for 6 months.