There are lots of different factors to consider when giving the best debt advice, including how much you owe and to how many creditors, whether you own a home, what type of debt it is (eg. secured or unsecured) and much more.
We have tried to lay out in the most clear and concise manner when each kind of debt solution is most appropriate, what the advantages and disadvantages are, and how they work. We strongly recommend that you contact our experienced Debt Counsellors for expert debt advice before you make any decisions though, it's a free service and you can get in touch for free as well!
We have tried to lay out in the most clear and concise manner when each kind of debt solution is most appropriate, what the advantages and disadvantages are, and how they work. We strongly recommend that you contact our experienced Debt Counsellors for expert debt advice before you make any decisions though, it's a free service and you can get in touch for free as well!
Debt Advice 
The debt solutions that are
available include:
available include:
Increasing Income and Reducing Spending
When you make a budget, you may find that you are spending more in expenditures than you are getting in through income. This means that you will have to either increase your income, reduce your spending, or both.If this is not possible then you are going to need to look at debt solutions, which often involve paying less each month to your creditors. This will have to be after essential living costs are taken care of (for more information see the “Budgeting” section of this site).
You can get free debt advice about how to do this by getting in touch with our experienced Debt Counsellors. All of the information you provide will be treated as entirely private and confidential.
INCREASE
How to Increase Income
There are a number of ways in which it is possible to increase your income, some obvious and some less so. These include:
Overtime – Some jobs offer additional hours at better hourly rates, a good way to increase your income,
Second Job – You may be able to get a part time job, working in the evening or on weekends,
Benefits – There are a number of government benefits that may be available to your, from job seekers allowance (JSA) to Working Tax Credits if you are on a low income or a Disability Living Allowance if you have a disability.
Tax Band – You may be paying too much tax if you are in the wrong tax band,
Board – If you have adult children living at home then you could consider asking them for board to help towards costs.
For more information on any of these points of for general debt advice, feel free to get in touch.
There are a number of ways in which it is possible to increase your income, some obvious and some less so. These include:
Overtime – Some jobs offer additional hours at better hourly rates, a good way to increase your income, Second Job – You may be able to get a part time job, working in the evening or on weekends, Benefits – There are a number of government benefits that may be available to your, from job seekers allowance (JSA) to Working Tax Credits if you are on a low income or a Disability Living Allowance if you have a disability. Tax Band – You may be paying too much tax if you are in the wrong tax band, Board – If you have adult children living at home then you could consider asking them for board to help towards costs.For more information on any of these points of for general debt advice, feel free to get in touch.
CONTACT US
It can sometimes be difficult to identify areas where you can either increase income or reduce spending. For free impartial advice on budgeting, or debt advice for debt problems, get in touch with DebtAdvice.net.
REDUCE
Once you have a budget, you can take a look and see if there are any areas in which you can reduce spending. This might involve cutting out some things altogether, or going for cheaper alternatives instead. You can also get in touch with us for free debt advice.Some of the areas to look at include:
Food and Household Items – If you are getting premium items then you could go for own-brand items instead. Also, it is cheaper to get the ingredients for a number of meals rather than getting ready meals or takeaways, Utilities – You should check whether there are cheaper companies in your area for things like electricity and gas, Telephone and Internet – There may be cheaper providers for your telephone and internet services, Television – You might consider reducing the channels you get on satellite television, or limit yourself only to Freeview, Vehicles – If you have more than one car, perhaps you could sell one if it is not essential. It is also worth selling to get a cheaper model if you have an expensive car.If you would like more budgeting advice, or advice on debt, then get in touch with our experienced Debt Counsellors for free.