Debts.org – Identifying If You Have A Debt Problem

PR Log (Press Release) – Apr 16, 2008 – An increasing number of people have found themselves deep in debt over recent years, hence the concern over the level of personal consumer debt in the UK.
Due to the high debt levels and financial issues that consumers have to deal with, a number of solutions have been put into place over recent years to help those in high levels of debt. The UK’s leading debt resource centre, debts.org, have a unique approach, by educating the consumer so that whatever the financial situation, the consumer can make an informative decision as to what option would suit your financial needs.

For many consumers today, identifying that they have a debt problem can be a difficult reality check to face. Ryan Howsam, debt.org’s founder says: “In order to identify whether you have a debt problem that needs to be addressed you need to sit down and work out your outgoings. You should write down every payment that goes out of your account each month, from overdraft interest charges to regular bills, direct debits, mortgage or rent, insurance premiums, loans, credit card repayments, etc. You then need to calculate how much per month you need for essentials such as food, clothing, travel expenses, and the like. Once you have done this, add up the total and then compare it against your regular monthly income. If your outgoings seem to be higher than your incomes then you have a problem.”

The first step to resolving debt problems is accepting that there is a problem, but depending on the deficit between you income and outgoings you may be able to sort out the problem without reducing the amount that you repay on your debts by making other cutbacks. However if the deficit amount is quite significant, trying to find a substantial amount of additional income each month may prove a problem.
Making cutbacks on your bills or rent or mortgage is not an option otherwise you will find yourself without utilities or even without a roof over your head. In these circumstances you need


to look at your financial commitments in terms of unsecured loans and credit to see whether any cutbacks can be made there. One important thing to remember is that you should not simply decide that you are going to start paying less than the amount required on your loan or credit card and change your repayments.

For more information on how to best tackle debt problems, visit www.debts.org

Editor’s Note: debts.org is represented by online advertising consultancy, Top Position. Please direct all press queries to Billy Howe. Email: billy@topposition.co.uk or call: 0800 094 9001.