Debt and money advice
All of us have debts of one sort or another through using a credit card, taking out a loan, having a mortgage or using a bank overdraft. However, it is easy to fall behind with repayments if your situation changes and debts can then become problematic quite swiftly.
If you have debts that are causing you difficulty then it is essential that you seek advice on how best to manage these whether they are for
- credit card
- bank loan
- rent or mortgage payments
- an overdraft
- Council Tax
- catalogue payments
- unsecured loan.
Find out how to manage different kinds of debt.
If you already have a repayment plan in place then consider if seeking a payment holiday may be appropriate. Speak to an advisor before you seek a change and never stop making payments without the agreement of your creditor.
It can be useful to create a household budget so you can keep track of your money. There are several online resources to help with this such as the Citizens Advice work out your budget tool or the Money Saving Expert budget planning
The Money Advice service has a useful money navigator tool to help work out ways of managing your money if you are worried about not having enough.
Essentially, if you are spending more than you have got coming in then you need to take stock of your finances.
Reducing expenditure is an obvious starting point though it takes some effort to shop around for best value:
- Plan meals in advance so you can shop more wisely
- Review your gas and electricity bills and switch supplier to save money
- Check all your contracts for services such as phones, broadband, insurance, subscriptions
- Think about what you spend on going out and buying clothes – can you reduce this?
Find out how you can manage money during this crisis.
You may wish to consider getting more affordable credit. There are organisations in Edinburgh that could help:
- Capital Credit Union and Castle Community Bank both provide loans and savings facilities