Getting debt help early: 5 reasons

Facing up to money worries isn't fun. If you feel your hands are full just dealing with life's day-to-day issues, you may believe the last thing you need is to sit down and stare your debts 'in the face' - but that could be exactly what you should do, possibly with the help of a debt adviser.

Five reasons to get debt help early

These aren't the only five reasons to get debt help early - but they should be enough to get you thinking about it…

You might discover you're worrying too much

If you've been trying not to think about your debts, you might be pleasantly surprised when you actually figure out where you stand. Say you're carrying a £2,000 credit card debt, for example - if the interest rate's 19%, you could clear that debt in:

•  11 months by paying £200 per month,
•  25 months by paying £100 per month,
•  39 months by paying £70 per month.

If you're in that kind of situation, you might not like the thought of committing money to your debt every month, but it's still a relief to realise that doing that will get you out of debt - not in the distant future, but in a definite number of months.

You might stop things getting worse

Not everyone will be pleased by what they find when they look into their debts, but whatever you discover, it's still good to know how things stand - so you can do something about it.

Simply cutting back on your spending might be enough to get things back on track. This can stop you adding to your debt, and free up some money on a monthly basis which you can use to overpay your debts (repay them faster than you originally agreed to). A debt adviser could help you find realistic ways of doing this.

You might be able to take a 'lighter' approach to your debt

There are all kinds of approaches people take to debt: some are basically more 'serious' than others.

If you focus on cutting your costs yourself, you might be able to repay your debts without having to enter a professional debt solution, such as a debt management plan.

If you need some real debt help and have to enter a debt solution, remember they're not all the same. Entering a debt management plan, for example, has its consequences - but doing so could help you avoid bankruptcy, which would have more serious consequences.

Your lenders need to know if you need help

You might be surprised at what your lenders could do to help you. They might agree to freeze interest, for example, waive charges, or accept lower monthly payments. If you have a mortgage, your mortgage lender might offer you a payment holiday, or suggest a different kind of mortgage that could take the pressure off you.

There can be consequences when you reorganise the way you're repaying a debt and it's important to understand them fully before you agree to something like this. Nonetheless, the consequences of not talking to your lenders and not tackling your debt problems can be much more serious - and if you don't talk to them when you realise there's a problem, they won't know you need some help.

You might benefit from some simple advice

Which bills should you pay first? What if you can't afford all your costs? How should you deal with worrying letters from your lenders?

One thing about talking to a debt adviser is that they can advise you on what not to do. If you're short on funds, for instance, they can help you prioritise and make the best possible use of the money you do have - and help you avoid the kind of mistakes that could turn a small debt problem into a major financial emergency.