Around eight million people in the UK regularly miss bill repayments or feel overwhelmed by their debts. Yet despite the reality, just one in five seek advice for it. According to the Money Advice Service, 10% of the population could be suffering in silence with serious money problems, with young adults, people who rent their homes, large families and single parents noticeably at higher risk. If you’re trapped in a spiral of overdrawn credit cards, unpaid rent, bills and more – there are ways to deal with it. Sheila Wheeler, director of Debt Advice at the Money Advice Service, said: “Friends and family will want to help and support you. “Free debt advice is available now and will help support you in getting your finances back on track before your money worries become a bigger issue.” How to get out of debt 1. Know where you stand Get all of your statements together – credit cards, loans, store cards, bank. How much do you owe on each? What are the monthly repayments? How much interest are you paying? Add them up so you that you know the total amount you owe. This can be a sobering moment as many people… Read full this story
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