How do I know when I need debt help?

Just about everyone gets into debt from time to time, for one reason or another. Sometimes we get into debt to help us to buy things we wouldn`t usually be able to afford, and sometimes people can even get into debt through a spot of bad luck.

Either way, as long as the debt repayments are affordable, debt needn`t be a huge problem. But as many of us know, that isn`t always the case.

Deep in trouble with debt: what are the signs? Debt, in itself, isn`t always a bad thing. If you`re paying off a mortgage, a credit card or a personal loan, you`re in debt - but as long as you can afford the repayments, that isn`t necessarily a problem.

However, if you can answer `yes` to some of the following questions, your debts are likely to be more serious.

• Do you frequently lose track of how much money you owe?
• Do you find yourself with very little money once your debt repayments have left your bank account?
• Do you often have to borrow more money to get by?
• Do you have credit cards or overdraft balances that aren`t going down?

If any of the above apply to you and you are concerned that you are having trouble repaying all your debts, then it`s important that you take the right action as soon as possible.

What can I do about my problem debts?

If repaying your debts on time is becoming difficult, the first thing you should do is contact your lenders to explain the situation.

Lenders will generally be much more understanding if you are `up front` with them rather than trying to ignore the problem. They may agree to a temporary `payment holiday` to help you get your finances in order, or they might help you work out a repayment plan to help you pay any arrears you`ve run up.

If you can`t come to a suitable agreement with your lenders, the next step is to get debt help from a professional debt adviser, who may be able to recommend a specific debt solution.

There are a number of debt solutions available, each designed to help people in different situations and with varying kinds of debt problem. Even if you don`t think you`ll be able to repay your debts in full, a debt adviser could help you find a way of clearing your debts.

For more information on a range of debt solutions, read our debt solutions comparison by clicking here.