For most people, admitting that they have a debt problem in the first place is the most difficult part of getting out of debt.
If you're struggling with debt it can be scary to think about and it's tempting to try and ignore your problems, but the best thing to do is face up to them as soon as possible.
We spoke to David Rodger, Managing Director of debt advice charity, Debt Advice Foundation about the importance of facing up to your financial problems:
Here at Debt Advice Foundation, our research shows that a significant number of seriously over-indebted people that have sought debt help, do not end up taking the advice that they've been given.
You'd think that acting on the advice that an independent advisor has given them should be straightforward compared to taking that very difficult first step of asking for help.
The problem is that by 'burying your head in the sand' and not taking action, you risk either allowing your financial situation to deteriorate to the point where creditor enforcement action (CCJs, charging orders and your creditors petitioning for your bankruptcy) becomes inevitable, or where you experience a serious decline in your standard of living as you prioritise unsecured debt repayments over priority debt arrears and essential living costs.
Neither of these outcomes is desirable or necessary, so what stops people from taking the advice they've been given?
Our research revealed that the main reasons were:
There are a number of websites that will attempt to deceive you into thinking they're official by using words like 'national' and 'government' when there's nothing official about them at all.
Fortunately, there are a number of rules of thumb that you can use to make sure that your advisor is reputable.
As long as you can answer 'yes' to all of these questions then you can be sure you're in capable hands. Remember, whatever you decide to do, do something. The longer you leave it, the worse your situation will become.