Debt

The shopping frenzy is over, and the bad news is that if you weren't careful you may have overspent, thereby landing yourself in the black hole that is debt. If so then here's some useful tips to set you right.

With the different consumer options available it’s not surprising that some of us end up running up debts. Sometimes these can accumulate and get so big that it’s overwhelming. You can end up not opening your mail for fear of what creditors are demanding. You worry, and get so stressed that you can see no way out. Debt affects the way you go about your daily life.

The best thing is not to ignore debt. If you do, chances are the debts will be passed to a collection agency who will add on their fees on top of your debt and accumulated interest. It can proceed further to legal action.

You should get money advice from your local Citizens Advice Bureau or Money Advice Centre. They are experts, and will often see a way to (slowly) clear your debt. They can also help you organise repayments, and talk to companies on your behalf.

Find your local Citizen’s Advice Bureau (CAB) by clicking on the CAB link in Helpful Links. You can also look in the Yellow Pages, under the section headed Counselling and Advice, or call Citizens Advice Scotland on 0131 550 1000 to find your local Bureau.

It may also be worthwhile having a chat with Money Advice Scotland, located at Suite 306, Pentagon Centre, 36 Washington Street, Glasgow G3 8AZ. They can be also be reached by phone on 0141 572 0237 (24 hours), or email them via their website.

They have a database of local money advice agencies - phone to find out where your nearest one is.

National Debline Scotland also offer information and advice on debt, call their freephone number on 0808 808 400 or visit their website.

REMEMBER: It’s easy to run up debts - it’s much more difficult to cope with the effects.

Last modified: 11/06/2010 12:54:19