Managing debt

You may feel like you’re struggling to pay your debt. It can be tough to face up to the reality of your situation.

Sit down and go through your statements and finances and work out what you owe, who you owe money to and what your living expenses are. This will give you the information to put together a budget and prioritise your debts.

Prioritising debt (Money Advice Service)

Speak to your creditors 

Speak to the people you owe money to as soon as you start having problems, this can be for your rent, mortgage, utility bills or loans. Keep a record of all the telephone conversations you have and the emails/letters you send/receive. Most creditors will be reasonable if you explain your situation. Work together to improve your situation.

There is a lot of free and confidential advice available – you don’t need to pay a debt management company to sort it out for you. There are various organisations who can offer you free debt advice, help you prioritise your debts and help you negotiate with your creditors. Many also offer free debt management plans – they will help you work out what you can afford to pay and come to an agreement with some of your creditors about how much you can pay each month.

Free debt advice (Money Advice Service)


Debt test

Take the Money Advice Service debt test to understand your level of debt and see how you can get back on track.

Credit card calculator

Use this tool to see how much you need to pay off each month to clear your credit card.