Many homeowners are starting to feel the real effects of the economic crisis, especially ahead of what is expected to be the second recession in four years. People looking to take care of any debt worries have been therefore offered compelling advice from the Money Advice Trust (MAT).
Monthly payments such as house insurance and utility bills must be addressed before tackling debts, it explained, in order to avoid things getting worse before they get better. Looking for cheap house and contents insurance, and swapping to a more affordable provider of gas and electricity, could also be a great way to downsize outgoings.
The MAT went on to assert that people should go for free advice and never pay for it; after all, fee-charging advisers will only add to expenses.
It also said that priority debts must be tackled first, as some debts are more important than others. An example the MAT gave was mortgage payments, as falling behind on these could mean you lose your home.
Joanna Elson OBE, chief executive of the Money Advice Trust, added: "Charities like National Debtline can help people maximise their income, cut their outgoings and understand their options. Growing levels of unemployment mean that these services are going to be required to play a crucial role in getting the country back on its feet."