Money and debt is something that not a lot of people like to talk about and often when you are struggling with your finances it can be very difficult to know who to turn to or where to go for help. Depending on your individual situation you may not always feel like you can open up to family or friends and can often have the burden over yourself without knowing what to do.
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There are a lot of resources to turn to when you need help with your finances and as well as visiting places like citizens advice there are tons of helpful websites out there.
When you are having trouble managing your money or if you are in debt and can’t work out how you can afford to pay it back then it’s important you seek help. There are companies out there who will help you work out how you pay it back and what you can afford monthly etc. One of the best websites to help can be found here.
It’s never nice having to discuss money and let people know you are in debt but there are so many other people out there struggling too, it should be something that’s more comfortable to discuss.
It can be so easy to get yourself into debt, whether you have maxed out your credit card doing your weekly food shopping or if you have recently lost your job and had to take out a loan to help you pay your mortgage, there are so many ways you find yourself borrowing money you don’t have.
With the rise of online shopping you also find so many sites offering a “buy now pay later” scheme which may sound good but you also need to think about can you really afford it. Instead of spending £100 in one go, 4 payments of £25 over the next 4 months sounds very appealing but you need to think can you really afford it. Will you have that extra money each month to pay off the company or are you risking getting in to debt? It can be a good idea to spread to cost of larger bills if you can’t afford it in one go and can be very helpful for most people but you do really have to consider how you plan to pay it back. Companies offering this type of payment offer will have a really high APR so if you don’t pay it in the time agreed then the debt will just increase and could double overnight. It’s important to read the small print especially when money is involved!
Debt consolidation websites can be so helpful at giving advice as they are there to help you and get you out of trouble. It may be that you have to take out additional credit to clear what you already owe but in most cases this actually helps to take out additional credit if you can get a better rate of interest and just pay back one loan monthly rather than multiple to different places with different interest rates etc.
It’s so important not to be worried to ask for help and to know these types of businesses are there to help you. Most of us will have money struggles at some point in life and it’s good to know where to go for help.
Sarah x
