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5 Signs That Your Debt Is Getting Out Of Control


Britain’s household debt mountain has reached a new peak, with UK homes now owing an average of £15,385 to credit card firms, banks and other lenders, according to the TUC.


While there’s certainly nothing wrong with taking out a mortgage to buy a home, borrow too much and your finances could be stretched paper thin. The same can be said for car loans, personal loans, and credit card debt. No matter whether you qualify to borrow more money or not, there’s a point where you borrow so much you put yourself at risk for financial peril.


If you’re struggling with debt but aren’t sure whether your situation is manageable or not, here are five signs you’re in over your head:


1. YOUR DEBT INCREASES EVERY MONTH

Even if you are managing to make your minimum payments each month, if you are spending more than you pay, you’re increasing your balances with each new purchase. For example, paying £500 towards your credit card balance may seem great, but not if you're spending £750 on it in the same month…


2. YOU CAN’T WAIT FOR YOUR NEXT PAY CHECK

If like many in the UK and your pay check doesn’t seem to last the month and you struggle to cover essential bills, chances are that you are one financial emergency away from a crisis.


3. YOU’VE BORROWED MONEY TO PAY YOUR BILLS

If you’re borrowing money from family and friends to cover your bills, it’s pretty likely that you’re in over your head. You may have trouble repaying these loans unless something drastic changes with your debts or spending habits.


4. YOU’RE NOT KEEPING UP WITH MINIMUM PAYMENTS

If you are barely keeping up with minimum payments each month, let alone pay anything extra toward your debt, then you need to find a way to lower your monthly outgoings or earn more money.


5. DEBT COLLECTORS HAVE STARTED CIRCLING

If debt collectors have started hounding you over unpaid bills, then your debts have definitely grown out of control. Since your debt is in collections, this means you’ve fallen behind and failed to keep up with your monthly payments. Your credit score will start feeling the effects of your default rather quickly at this point, and you need to find a way out.


GET HELP & ADVICE NOW


Get help now with FREEZE. We’re here to help you find a debt solution and put your mind at ease.


Is debt making you feel:

  • OUT OF CONTROL and there is nothing you can do about it.

  • HOPELESS especially if your debt is getting worse.

  • EMBARRASSED to talk to anyone about your financial situation.

  • DEPRESSED and anxious every time the phone rings


Let FREEZE help you to take back control of your debts. Simply download the app and answer 2 questions to see what solutions would be best suited to your needs…

Find Your Solution

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Freeze Debt Ltd is registered in England and Wales. Registered Number 11842271. Incorporated in England and Wales, with company number 11842271 and having its registered office at Ambler House, Trevelyan Square, Leeds LS1 6ED.  Freeze Debt Ltd is an Appointed Representative of Blackberry Finance Limited. Our Firm Reference Number is 840092. You can check these details on the register: https://register.fca.org.uk.

Jason Peter Bowen is Authorised to Act as an Insolvency Practitioner, in the UK, by the Insolvency Practitioners Association, IP Number 22150. All Insolvency services are provided in partnership with The Debt Resolution Service. The Debt Resolution Service is registered in England and Wales. Registered Number12692223 and having its registered office at Mills Hill Works, Corbrook Road, Chadderton, Oldham, OL9 9SD.

 

Freeze Debt provides insolvency solutions to individuals throughout the UK. 

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