Our top tips for short term debt relief

Friday, 15/05/2015

Although the state of the economy has improved in recent times, debt remains an everyday issue for many of us. Finding ways of managing our finances and keeping things in control is vital, and we believe that ‘dealing with debt’ shouldn’t be a dirty term. Whether you need extra credit to pay a utility bill at the end of the month, or help out a child at university, having to spend more than we earn is often a reality. 
There are, however, a number of options available to people looking to find ways of easing short-term debt. And as one of the UK’s leading instalment loan companies, we’re well placed to offer a number of hints and tips to make life easier.

Go back to basics 

The use of a spreadsheet and calculator is one of the most basic, yet effective ways of managing your finances – but a staggering amount of us still prefer not to budget. Over a one month period, make a comprehensive list of every outgoing from your bank account. From here, take a real period of reflection on your spending. Where can you find savings? Are there direct debits or subscriptions there that you no longer need? Are you left with more than you expected? The chances are, you’ll be pleasantly surprised by what you can save.

Be pragmatic with finance

In some cases, seeking a loan might be the best way to cover you until the next payday. Same day loans and instalment loans can be a sensible option – but only with the right outlook. First of all, make sure you’re lending for the right reasons. If the electricity bill is falling on the wrong side of payday, or your car tax has popped up at the wrong time, same day loans can prove a good choice. But if you’re simply looking for some quick cash for a short holiday or something frivolous, instalment loans may not be right for you at all.

Tell your creditors about your current situation

Don’t be afraid to tell your creditors about the situation you’re in. Contrary to popular belief, not all banks and same day loan companies will try to bite your head off. Honesty is always the best policy and if you’re struggling to keep up with repayments, always look to inform your creditors. By letting them know that you’re committed to repaying debt – even if you’re unable to at this current moment in time – you may be able to get the breathing space you need to get on with your life.

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Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk