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Debt

Young people are particularly vulnerable to debt for a number of reasons – for example because of unemployment, low paid jobs, or working part time to support going to university or college. Of course, being a young person is likely to mean you have less experience in managing your own finances. And once you are old enough, there are plenty of shops and banks out there who will offer credit cards, store cards and hire purchase – those companies often offer credit without checking to make sure you can afford to pay them back.

Many argue that the best advice about debt is to avoid it if you can – be sensible with your money and finances, live within your means and only take on debt that you know you can manage and for good reasons, for example taking on student loans if you are going to higher education. If you want to buy a new television or a new car, it’s likely to be cheaper to do so if you save for it first and then buy rather than using credit.

Worried about debt?
If you are in debt and you are worried about it or are struggling to manage it or pay it off, don’t despair, there are things you can do to improve the situation and bring it under control. Whilst it’s important not to panic about debt, it’s important also not to ignore it – it won’t go away by itself, but you can get it under control.

If you have debt concerns, there is free, confidential advice available from debt advisors at your local Citizens Advice Bureau – contact details below. A debt advisor will be able to explain what your options are and will work with you to develop a plan of action. They can also help you deal with the companies you owe money to.

Before you see the advisor, it’s a good idea to collect together as much information about your finances as possible. Make a list of the names and contact details of the companies you owe money to and how much you owe them.

If you have received court papers, you will need to take these along to the debt adviser, and let them know when you make the appointment that you have court papers. They will then know that you need to see them more urgently.

If you’d like to read more about debt issues, visit the CAB website or the Direct Gov website debt pages – details for both below.

Links and Contact Details

Name: Citizens Advice Bureau
Web: www.citizensadvice.org.uk
Web: www.adviceguide.org.uk
Info: Citizens Advice Bureaux provide free, confidential and independent advice from over 3,000 locations including in bureaux, GP surgeries, hospitals, colleges, prisons and courts.

Name: National Debtline
Web: www.nationaldebtline.co.uk.
Tel: 0808 808 4000.
Info: The National Debtline can give free information to people with debt problems. The National Debtline.

Name: Direct Gov – Managing Debt Pages
Web: http://www.direct.gov.uk/en/MoneyTaxAndBenefits/ManagingDebt/index.htm
Info: Directgov is the official UK government website for citizens. It provides information and online services for the public all in one place. The above link provides loads of info about the tax system.

Name: Community Legal Advice
Web: www.communitylegaladvice.org.uk
Tel:
Email:
Info: Community Legal Advice is a free and confidential advice service paid for by legal aid

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