Consolidate Credit Card Debt

Debt can easily take control of your finances, but the most important debt advice is to make sure that your debts don’t take control of your life.

This may be a little harder than it sounds, but by following the steps below, you should be able to remain in full control of your debts.

1. Keep track of your money

No matter what you do with your money, keep track of it. Write down whatever money comes into your account, and whatever money leaves your account.

Keeping a spending diary like this can help you remain in full control of your finances at all times. It may be helpful to follow this format when you are keeping track of your money:

Money in account on 1st of month: (enter amount here)

- Minus $ (however much is paid out/spent – and on what)

- Minus $ (however much is paid out/spent – and on what)

- And so on…

The simple ’spending chart’ above will help you see exactly where you are spending your money. You will be able to see where you are spending on things you need and also where you are wasting money on things you don’t need.

Keeping track of your money like this should help you to improve your debt management skills. It should allow you to see if you can comfortably afford your debt repayments each month, and if you can’t, you should take immediate action. For example, you could seek professional debt advice.

2. Seeking debt advice

If you decide to seek debt advice, you should be able to get a professional opinion on your situation. A professional debt adviser should be able to assess your personal circumstances and let you know what they believe to be the most suitable way for you to take control of your debts.

They may simply offer you a bit of advice on how to improve your budgeting skills. However, if your debts require a little more help, they may point you in the direction of a specific debt solution.

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