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Managing your debts

Everyone with even a little bit of debt has to manage their debt. You have to keep up your payments and make sure it doesn't get out of control.

On the other hand when you have too much debt, you have to put more effort into paying off your debt while juggling payments on the debts you're not paying right now.

Basic steps to managing your debt:

  1. Know who and how much you owe
  2. Create a monthly budget and bill payment calendar 
  3. Make sure you pay your priority payments, for example rent or mortgage, council tax, fuel etc
  4. Use a monthly budget to plan your other expenses
  5. Pay your bills on time each month
  6. Make at least the minimum payment
  7. Decide which debts to pay off first
  8. Try to save a little or have an emergency fund to fall back on
  9. Use a monthly budget to plan your expenses
  10. Recognize the signs that you need help if you are finding it hard to pay your debt and other bills each month

If you are struggling then the first step is to face facts, be honest about the size of the problem and seek help.

Get free debt advice, advice how to speak to the people you owe money to, and tips to help you pay back your debts in the right order here.

Or contact your local advice provider who will be able to help.

Find your local debt advice provider through Sunderland information point link

If you would like further information you might find the links below useful:

Rent and mortgage arrears

Utility debts

Make your money go further

Your Benefits

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