BLACKBURN, England, January 11, 2012 /PRNewswire/ --
Debt specialists are warning that any families that have gone into the red over the Christmas period should get debt help sooner rather than later to ensure that the problem doesn't spiral out of control.
The Christmas period can cause many people to either go into debt and a YouGov survey at the start of December found that almost a third (31%) of adults will go into some type of debt to fund their spending over the festive period.
The Citizens Advice are recommending that those with money worries should be looking for debt solutions to get their problems under control rather than take out loans which will only make the problem worse in the long run.
There are many different options available to those in debt, so families can find a solution that suits their requirements. If you find that you are unable to cope with your debts, bankruptcy is not the only option so it is important to fully research all of the different solutions.
One debt management strategy that is rising in popularity is the Debt Relief Order. 44,000 of these have been taken out since they were launched in 2009 and they are created for those that have debts of less than £15,000 who don't own their own home or have savings.
If you are ineligible for a Debt Relief Order, a debt management plan may be more suitable for your requirements. Unlike other methods of dealing with debts, a debt management plan is an informal option which involves an arrangement being made with your creditors until your debt is paid off in full or you are able to make the full repayments again.
No matter how large or small your debts are, there is a debt solution to suit your requirements and help you regain control of your finances so get advice as soon as possible to ensure that you can get on your way to becoming debt free.
Sources:
http://www.bbc.co.uk/news/business-16131013
http://www.bbc.co.uk/news/business-16345896
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