ways to start tackling debt

Quickest ways to start tackling your debt

According to the latest research from the TUC, people have more debt than ever before. Their figures take us up to 2018 when on average each UK household owes £15,385. That is a jump of £886 on the debt levels of the year before.

If you are at all worried about the level of your debt it is essential that you take action right away. The longer you leave it, the bigger the problem will become. Fortunately, there are some things you can do immediately, literally this minute, to get the ball rolling.

Seek Advice

Getting friendly advice from Creditfix or somewhere like the Citizen’s Advice Bureau is a good first step. You can ring them or use online chat to speak to them. Even if they are not open at the time you are reading this, get the ball rolling. Send them an email and tell them you need advice. That way you won’t be able to duck the issue anymore, something we all do when we have got a big problem to deal with. Honestly, speaking with someone knowledgeable about your debt will be the best thing you have ever done.

Start budgeting

Even if you do not know how you are going to handle your debt yet, it is a good idea to start getting into good habits. So, get your phone and download the Mint app or the Goodbudget app. These apps will offer you the insight into your spending habits and budgeting needs. Or, better still download them both and use them side by side for a week. They work slightly differently. At the end of the week, pick the one you like and continue using that.

You can start saving today. So, if you are due to go shopping later, be sure to download and activate some of the apps before you go.

Follow the advice in my couponing articles

If you have put the time in to research what you are doing, you can use couponing to drastically reduce your food, clothing and personal care products bills. There are numerous apps out there that you can use to get money back on the things you have to buy anywhere. Please do take the time to look over my couponing articles, read them and give some of the apps I have tested a go – I’d love to hear your feedback on them. If you are not sure where to start, try Shopium and Shopprize first.

Remember not to spend what you save

Again, you can start saving right now. Get into the habit of keeping track of what you save. Open a savings account and move that amount from your current account into your savings, every week. Later, you can use that cash to pay off some of your debt if that is in line with the advice you have been given. That will ensure that you do not just redirect what you have saved into buying worthless junk.

Sell some of your stuff

Speaking of which, this weekend, go through your home and list everything you need for sale. Just bear in mind any listing fees and make sure you do not agree to deliver heavier or larger items without charging enough to cover petrol and wear and tear. If you don’t do that your profit can soon disappear. This article tells you a bit more about 13 platforms you could use, many of which cover the UK.