15 steps to managing debts.

If you have a debt that needs sorting there is no point sitting around moaning about it to your friends, you need to take action and you need to take action straight away.

Here are 15 steps to managing your debts:

1.       Eat first, get a big glass of water, put on some comfy clothes and make sure it’s a day when people will be answering their phones.

2.       Get a serious and positive can do attitude. Negativity never gets anything done.

3.       If you are overwhelmed ask a clear thinking friend to work this out with you.

4.       Get a notebook and pen and give yourself some uninterrupted time.

5.       Push emotion to one side. What is done is done. Let’s look for solutions. Be practical. Focus on solving this not wondering why it happened,

6.       Sit with a bank statement…print out and a list of your direct debits too.

7.       Work out what you owe and be unflinchingly honest with yourself, include monies owed to friends, on catalogues even the milk bill as well as big debts. Write it all down.

8.       List your outgoings.

9.       Ruthlessly get rid of any unnecessaries from gym to charities to holiday savings. Cancel direct debits and subscriptions wherever viable.

10.   Do not get rid of insurance.

11.   Work out what you need to pay each month in order to clear your debts and manage your regular necessary outgoings.


12.   Whatever is spare can be put towards paying off your debts. Is it enough?

13.   If not ring your debtors and try and negotiate so it is enough. If this doesn’t work you are going to need some professional advice. 

14.   You may find that for you debt management plans by pay plan or other debt management companies make this whole process more manageable. What is most important is you do something.

15.   Don’t bury your head in the sand you can’t bury debt and it only grow if untackled and then it really can be a major problem.

I wish you good luck and I urge to get going.




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