| Are you one of the hundreds of thousands caught up | | | | your creditors have time to start running up legal costs |
| in a vicious debt cycle, and are desperately trying to | | | | in chasing you. When you have done that, you should |
| find a way to grab hold of some debt relief? Well, if | | | | also see a debt counsellor. |
| you are, take heart in the fact that you are not alone. | | | | In the UK, you can go to the Citizens Advice Bureau, |
| With a major economic slowdown across the world, | | | | where you will bet able to get free advice. If these |
| many more people will be ending up in the same boat | | | | people are not available, then seek a reliable debt |
| as you. | | | | counsellor (search for them on the web - or better still, |
| Now whether it is entirely your fault - i.e you have | | | | go on a friend's or colleague's recommendation. |
| been a little reckless with your budgeting, or | | | | Beware of loan sharks and the like, who will take their |
| circumstances such as divorce, death (not yours) or | | | | pound of flesh and probably lead you in to non- debt |
| illness has hit you or your family, or even whether you | | | | relief quite easily. Better still, start with your bank. |
| have been the victim of credit theft, debt relief at the | | | | If you have been with your bank just for a short while, |
| right time can quite often save your sanity. This article | | | | even if they can not offer advice on debt relief, they |
| outlines a few of the steps you should put into action - | | | | can normally recommend you to a reputable source of |
| the sooner the better - if it is going to be of lasting | | | | debt counselling or debt. Not only that, you should keep |
| benefit to you. | | | | your bank informed as to what is going on. It won't help |
| The first point in getting this debt relief may sound | | | | your actions if you suddenly start to bounce all of your |
| obvious, but you must not become an ostrich and stick | | | | regular payments. You may even be able to arrange a |
| your head in the sand. Contact your creditors, and tell | | | | short term overdraft, if that is what would work for |
| them the situation as soon as you possibly can. | | | | you. |
| Draw up a financial spreadsheet of your income and | | | | Summarising all this, whatever caused you to need to |
| outgoings before you call them. Most creditors will listen | | | | look for debt relief, the sooner you let everybody who |
| favourably if they know you are trying to sort yourself | | | | needs to know what is going on, the better chance |
| out. You really must involve all of your creditors if this | | | | you will have of rising above your debt, and back into |
| is going to work, and you manage to extricate yourself | | | | financial stability. |
| form debt - leaving it behind for ever we hope. | | | | Last tip - cut up all of your credit cards, and start |
| Get in touch with them as soon as you can, before | | | | re-learning the value of CASH! |