Get control over your debt problems

Debt problems are something we're increasingly facing as a nation. Whether you owe a little or a lot, many people are finding themselves in debt and are trying to find a way to ease their worries.

Even the smallest amount of debt can weigh heavily on your mind and prevent you from enjoying life to the full. It shouldn't be all doom and gloom though, as there is a way forward and you can get on top of your finances, even in these difficult times.

The first indication that you're in financial trouble is likely to be the late payments you're making on the money you owe. If you own a house then your monthly mortgage repayments will be the largest outlay you have to make, but credit card payments on bill and utilities – from electric and gas, to water - can result in you struggling to find a way to pay them.

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In order to avoid such late payments, make sure to plan your finances early and budget strictly; strict budgeting is something the biggest companies in the UK are having to do right now and you might find you can get a handle on your financial issues by doing exactly the same. By calculating how much you earn each month, then working out your weekly expenses and seeing how much you have left over, you can immediately see how much extra spending money you have available. If it's only a small amount then maybe it's worth putting it aside until you can afford a slightly more extravagant purchase, or you can work the other way around and spend now in the knowledge you'll have to save later.

Managing your finances doesn't have to be particularly difficult and budgeting well can be rewarding in the long run. Not only will you ease your financial burden and be rest assured that you have enough money to enjoy yourself every now and then, but you can also enjoy the process of saving money and making bargain purchases. The feeling of getting a great deal will lift your spirits, especially if you've searched high and low for it, and you can revel in the fact that you've saved a good deal of your hard-earned cash.

If you're struggling to make ends meet, the best thing to do is to speak to a financial expert right away. They can hopefully point you in the right direction, discuss your options and help you get to the root of your problem. If budgeting is a weakness then you'll find plenty of help online, including a budget calculator that will get you some way towards balancing your income and outgoings while you take your time getting the hang of it.

One route you can go down if you are struggling to make ends meet is to use the credit options that are available to you, among the most popular of which is the credit card. This type of borrowing is just one of the forms of credit that allow you to buy goods now and pay for them later, often resulting in you having to pay more in the long run but enabling you to get the products that you want or need at a time that suits you.

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Like most things in life, there is both good and bad credit and it's important that you steer clear of the latter. A situation where you're using bad credit would be if you have your credit card maxed out and are using it to make everyday purchases. If you reach into your wallet or purse, find you have no cash and use a credit card to pay knowing full well that your bank account is close to empty and pay day is still some way off, then you're using your credit card in a way that's detrimental to your long term finances.

If you take advantage of the deals available on credit cards you can use them to your advantage. One of the most important figures regarding your piece of plastic is the credit card annual percentage rate (APR). The APR determines how much interest you have to pay on your purchases and therefore how much extra cash you'll have to budget for year on year.

With many credit cards, you'll find that they'll offer you a great introductory rate, with zero per cent on transactions for an extended time. This is perfect if you want to make an expensive purchase, such as buying a new stereo or sofa for your home, as you can buy it now and pay exactly the same amount in six months as you would have to straight away. This is an example of using credit to your advantage and not letting your level of borrowing creep up on you.

You can also ensure that you stay on top of your borrowing by checking your balance online; with such availability, you have no excuse not to be fully aware of your financial situation. With a couple of clicks of your mouse you can be reading your statements in the comfort of your own home and modify any future spending accordingly.

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One thing for you to have in the back of your mind when you're managing your finances online is the increased probability of receiving a phishing email . This is the method that online criminals are using in an attempt to trick you into handing out your personal and private information. Common sense is needed to avoid being stung by this con, always remembering that your bank or credit card company will never send you an email requesting personal information.

Getting on top of your financial problems is probably easier than you think and the simple task of budgeting will go a long way to easing your monetary worries. By using credit to your advantage and being sensible in your spending you can take control of your financial problems and put them to the back of your mind - so that you can go ahead and enjoy everyday life.

For more information go to www.capitalone.co.uk