Options available for those struggling with debt

Fri, 05 Aug 2011

Brits struggling with debt have a number of options to help alleviate the fiscal pressure they find themselves under.

According to Yvonne Goodwin Wealth Management, the most important thing to do is decide which of your outgoings are not essential and cut down on those.

Founder and managing director Yvonne Goodwin explained that listing any outstanding credit cards or loans and working out interest payments is also useful as knowing where you stand is important in managing debt.

"If you're really struggling, then there are a couple of options. You can check your credit record by sending off £2 to Experian and Equifax who will send this to you," she said.

"It will show if you've ever been late and how late [you were] with your payments, if you have had any county court judgements (CCJs) or are bankrupt."

This information, Ms Goodwin noted, will stay on your record for six years, but those with a good record could apply for a zero per cent credit card to pay off existing expensive debts.

Other credit cards must then be closed and all efforts should then be focused on reducing the balance on the card used to pay off the debt.
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