Avoid a Debt Hangover this New Year

For many of us January is a fresh start and a chance to change some of those habits that don’t help us. Whether you’ve managed to stick to your New Year's resolutions or not, it’s not too late to take charge of your finances going into the rest of 2021. 

With the holidays now behind us it’s easy to feel the pinch at this time of year - but our independent money team can help you take control of your finances. Along with this, we’ve put together some tips for dealing with debt early on and avoiding a debt hangover this winter. 

Get access to our judgement-free advice 

Often talking to someone about your money problems is the first step towards taking back control of your finances. However we understand that sometimes money can be a difficult topic to talk about. Our team offers confidential, independent and non-judgemental advice, to help get your money back on track.  

Even if you have multiple debts or complex financial arrangements, the earlier you come to our advisers the sooner we can help come up with repayment options that work for you. 

Be aware of non-consumer debt 

When we talk about debt issues, it can be easy to only think about credit cards, loans, and hire purchases. However, it’s important to remember that non-consumer debt can also be a huge issue for many of us. 

It’s easy to fall into arrears on council tax, energy bills, and other regular household expenses, and it’s important to think about this type of debt as well. Our advisers can help you to look at all of your financial obligations so that you feel in control of your money, and help you to understand which payments you may need to prioritise..

Speak to creditors early on

It’s easier to agree repayment plans with your creditors if you take early action on debt. Once serious action has been taken, it’s harder to come to an arrangement with a creditor so there are benefits to addressing this early. 

You can also ask someone to speak to your creditors on your behalf – contact us if you’d like to discuss this.

Maximise your income

While you’re addressing financial challenges, it can be helpful to find out if you can maximise your income. You may be entitled to claim specific benefits or to apply for grant support. Our advisers can help you to find out how to maximise your income and support you to apply for grants and benefits. 

Think about the benefits

Dealing with financial troubles can be off putting, and thinking of the benefits can help with motivation. Money issues can cause a huge amount of stress but taking positive action can have a significant impact on your wellbeing. Asking for help, making a plan, and putting small changes in place can all contribute to living debt-free in the future.

For more help with your finances, contact our independent money team on 0808 278 7800 or visit our website.