Article by Ed Pearson, Debt Dr

Acting sooner rather than later is the key to taking control of your debts particularly if you are running out of money before the end of every month and creditors are missing payments that are due to them.

There are 6 steps to managing your debts which are available by e-mailing me. In conjunction with the 6 steps to debt help and advice there may be some other options:

* The Ebay phenomena means that you can easily sell unwanted items* Get a part-time job to suit your lifestyle* Get a lodger* Reduce your expenditure* Ask your boss for a raise

Sell unwanted items

Everybody has stuff they don’t need or use. Ebay is a great way to sell those items and make a little more money. Will a few of those items be enough to get you back on top of your bills? Don’t like internet selling? Well get yourself off to the local car boot sale.

Get that part-time job

Realistically work out if you can take on an extra job. Maybe you are in a boring office job and have always wanted to try something different. Why not go and apply for some work at the local hospice, factory or bar? It’ll get you out of the home, spending less, earning more and increasing your circle of friends and contacts too.

Get a lodger

OK so you’d prefer your own space but the extra money that a lodger could provide can be considerable. Take time to find suitable people to share your home with. One friend I have, even ended up finding his wife when she came to stay for 2 years!

Reduce your expenditure

It should go without saying that you must cut out all luxuries, but see whether you can go further. It doesn’t hurt to stay in an extra night or two every week. Renting a video costs about the same as one drink down the local and you can choose who gets to spend time in your company. There are other ways to cut your costs but do be ruthless. If this resolves your debt trouble then that’s all for the better.

Ask your boss for a raise

Well, if there’s a debt issue looming then it’s definitely time to bite the bullet and ask for that raise. Get clear and concise examples of events and milestones that you’ve achieved since your last review. Explain, in detail, what you will achieve over the coming months and also try to negotiate the sort of raise you want for the coming work appraisals should you meet those targets. Work towards those targets and use any extra income to reduce your debt.

Do face up to financial problems as soon as possible in order to start resolving them. Whatever problems you are facing, try to be positive, as there may still be solutions. There are plenty of sources of expert advice.

Ed Pearson is a Debt Dr. Debt Dr offer expert debt help and advice to individuals and small businesses. Ed can be contacted on 0845 123 4000 or in confidence on 07970 659266.

http://www.debtDr.co.uk ‘prescribing life without debt’

To find out more about Ed try, http://www.advice4debt.co.uk/debtquiz.htm