Financial difficulties have never been easier to get into. TV is awash with advertisements telling you to spend the load or to consolidate. Alongside programs encouraging you to have a better holiday. Buy that dream car, or get the latest gadgets.
If you are struggling with debt, the most important thing to remember is the company that lent you the money can’t help you unless you tell them you are having problems.
Priority debt is, basically, one that will really hurt you if you don’t pay it – this is your rent. If you don’t pay this, you could be evicted. Other priorities are taxes and utilities. All of the company and organizations who are owed a priority debt will help you find ways of paying them if you have difficulty, but you must tell them as soon as you can.
Secondary debts are bank overdrafts, credit cards, store cards, catalogue accounts, doorstep moneylenders, and things like that. Of course, you should still find a way of reaching an agreement with these too, but not by ignoring priority debts.
Debt problems can be like mushrooms, if they are shut away in the dark, they will grow! Get advice as soon as the problems begin!
