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Post Christmas Financial Blues? It’s around this time that the credit card statements land on our doorsteps and we realise how much we actually spent over Christmas and the New Year. For a lot of us, the reality is that we can no longer afford to pay the credit card bills and loans in full as and when they fall due. So, what to do? Well, there are a number of measures you can take to avoid your credit history being ruined or impaired. Do a Budget – make a full list of your income and expenditure and identify where all your money goes. Be honest with yourself. Cut out some or all of the unessential expenditure. You may have some tough choices to make. Shop Around – you might be able to get cheaper rates on your credit cards, loans, insurances and mortgages, or cheaper gas and electric, (or consider a meter for utilities such as water).

Get Advice - If you’ve cut expenditure to the minimum and still have more expenditure than income, or if you’re considering cancelling important financial planning payments such as life insurance, income protection or pension contributions, then you should seek independent debt advice immediately. You may have heard about various debt solutions such as Debt Management Plans, Individual Voluntary Arrangements (IVA’s), Debt Relief Orders and Bankruptcy, There are also similar solutions for limited companies that are experiencing financial problems. Information on all these solutions is available on our website www.debt-advice-blackpool.co.uk Tim Johnson is a Managing Partner of Debt Advice Blackpool, a free Debt Advice Service for Blackpool and the Fylde. He is also a professionally qualified Financial Adviser and Mortgage Broker

Tel 0800 610 2222 www.debt-advice-blackpool.co.uk

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