If you're struggling with debt it can feel difficult to keep your head above water. Clearing debt before Christmas can be really challenging, especially if it runs into the thousands of pounds that can't be paid off using your monthly salary.
Personal finance expert, Salman Haqqi, outlines his tips on how to pay off debt
Remember to include all types of debt including credit cards, loans, overdrafts, loans from family and mortgages. This at least allows you to see the size of the problem.
Debts that are secured against property such as car loans or mortgages. You must be sure you can continue to make these payments as their consequences for not doing so will be most severe.
A direct debit can help you meet repayment deadlines so you don't forfeit a promotional interest rate, incur penalty charges and harm your credit rating.
If you can't afford your unsecured borrowing in addition to your priority debts, don't simply ignore it: get free debt advice for how to inform your lender - whether that's from a debt charity or from a professional debt service.
An effective debt solution in some cases is to try and reduce this by consolidating debt into one low interest loan. Alternatively, shifting debt onto a 0% interest credit card can sometimes help with debt problems - as long as you can pay off the balance before the 0% rate expires. Alternatively you can try low rate personal loans to pay off high interest credit cards. This has the benefit of providing a fixed interest rate throughout the life of the loan.
Debt consolidation isn't always the best option and the most reliable route is to seek expert debt advice. An expert can advise you on every debt solution available to you and plan the best course of action for your individual circumstances.
Overall, dealing with debts is a challenging task, but when you break the problem down into its component parts you can start plotting a way out.