Ask Away Blog: Struggling with Debt? Here’s What You Can Do

Struggling with Debt? Here’s What You Can Do

Wednesday, January 13, 2021

 

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2020 is a year that truly took many of us by surprise. The coronavirus and Covid-19 pandemic couldn’t have been planned for and it spread faster than any of us could have imagined. Before the first half of the year, we found ourselves in the midst of a global pandemic and this had countless consequences, ranging from health to social isolation. One impact that the pandemic has had on many of us is financial difficulties. Governments have closed many establishments, meaning that those of us who can’t work from home have struggled. Many companies unaffected by this change were still affected by those struggling not being able to spend money. So, the vast majority of us have been hit in some way or another. This has resulted in increased borrowing and increased debt. But without an end to the pandemic in the near future, many of us are beginning to struggle and are looking for ways to manage our debt and deal with our financial difficulties. If you’re in this situation, here’s some advice that could, hopefully, help you out!

See If You Are Entitled to Government Help

Governments around the world are well aware that their citizens are facing difficult financial situations right now, and many are taking action to help. This will take different forms depending on the country you’re in, but it’s worth checking what help you may be entitled to. For some, this will be a furlough from their work. For some, it will be grants. For others, it will be a stimulus check. Whatever help is available, it’s worth applying for to help you out while you are struggling - and could make all the difference!

Stop Ignoring Debt

It can be tempting to bury your head in the sand when you have payments to make and aren’t able to pay them. All too many people ignore calls, letters and more, as they’d rather simply not think about it. But this doesn’t make money issues go away. In fact, it actually worsens them. So, be open and honest with your lender. If you can’t make payments, let them know. They’re just as aware as anyone else that we’re in a pandemic and many are being extremely lenient. Some are willing to give payment holidays, delay payments or simply remove interest accruing on your debt or charges for missed payments. If you are really struggling and do not think you’ll be able to clear your debt at all, you may want to speak to someone at Rockwell Legal Group about debt negotiation or bankruptcy.

Create a New Budget

Each time your income changes, it’s important to create a new budget. Determine how much you have coming in, how much you have going out and how much you’re left with. If you’re finding that you’re left with nothing, or don’t have enough to pay your essential outgoings, it’s time to start cutting your spending. Use price comparison sites to reduce your energy, insurance and other outgoings. Buy own brand or unbranded food when you shop. Small changes can make a big difference.

Sure, times are hard. But try to avoid letting it get you down. Taking positive action can really help, so hopefully, some of the above suggestions will help you to get back on track!



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