How to Find Good Debt Advice

How to Find Good Debt Advice

by David Redmond on 15 Feb, 2011

When you are in financial trouble, it can often seem like a scramble to find some good debt advice. Unfortunately it is often too late to be searching for advice by the time your problems with debt have got out of hand. In an ideal world you will never find yourself in a situation in which you have passed the point of a debt counsellor being able to help you so it is always advised that you plan ahead, even when you feel you are as far away from debt as you could possibly be.

Keep an eye out for warning signs. If you are finding it harder to pay your bills each month then you will be best placed to seek debt advice as soon as possible. Do not wait until the month that you can’t pay your bills, always seek advice at the first sign of danger. Similarly, if you are having trouble paying back the minimum payments on credit cards or loans then it probably best that you take a close look at your financial status.

The best way to protect your finances is to start by drawing yourself a budget. If you know in advance what your typical income will be, as well as what your average expenses amount to, you will be in a good position to manage your accounts and ensure that you budget for all of your bills to be paid. If you choose not to make a budget and stick to it, you will have no idea what your incoming and outgoing expenses are. You will get into financial trouble fast if you decide to live this way.

Once you are in a situation where you are experiencing financial woes, you will need the help of an expert debt counsellor to get you out. They are trained to help you get out of debt and as such, are sympathetic to your cause. Many people feel embarrassed when they find themselves in debt and their situation often spirals further out of control simply because they are too afraid to tell someone that they need help. A debt counsellor will work hard to help you get back on track and at the very least allow you to feel less stressed.

When you do find that you need help it is also important that you don’t simply run towards the nearest debt management company but rather, as with all aspects of finance, shop around. Although you may feel that in this desperate situation you don’t have time to do this, it will help you in both the short and long term.

Remember that the best way to find good debt advice is to do just that, look for it. Never think that you can get yourself out of a bad financial situation on your own as this is almost never the case. Ask for help and look for help and you will be able to find a reputable debt advice counsellor who can help you.

About the Author

David Redmond

David Redmond is a Partner of Don Gilliard Finance Group. He is a fee-only, independent financial advisor and financial planner. For over 15 years, he has been helping individual investors and their families realize their investment goals.