CREATE A BUDGET

Whether you have credit card debt or another type of debt that you’re having difficulty managing, the first step will always be to create a budget. This is a great way to get a clear picture of your finances and take back control.

• Start by writing down your income, that’s all the money you have coming in each month from wages, pension, to benefits or payments you might receive from a partner or family member.
• Next, look at your outgoings, think about everything from food to travel and subscriptions to clothing.

Then you can deduct the total amount you spend each month from your monthly income. If you’ve got any money left over after you’ve paid for everything you have a budget surplus,

TRY TO AVOID THE TEMPTATION TO USE SHORT-TERM, HIGH COST CREDIT

If you’re struggling financially and looking for a quick way to get money, it may seem tempting to turn to short-term, high-cost credit or options to buy now, pay later. However, it’s vital to pause and think about whether you’ll be able to make the repayments, as well as any interest and fees. If you’re already experiencing financial difficulty, using further credit may only exacerbate debt problems and in this situation, you could benefit from getting free and impartial debt advice.

LET YOUR PROVIDER KNOW YOU’RE STRUGGLING

If these tips aren’t enough to clear your credit card debt, don’t panic. However, it is important to let your provider know as early as possible, as they have a duty to help you get back on track or negotiate an affordable repayment plan.