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There are a number of tell-tale signs that you are in debt. Get advice as soon as possible if you think that you may be in debt. Ignoring the problem will only make it worse.
Am I in debt?
Tell-tale signs that your debts could be getting out of hand include:
- missing more than one repayment on a store card or credit card
- refusing to open bills or bank statements because you're afraid of what they'll say
- borrowing money from friends and family that you know you'll never pay back
- borrowing on one credit card or bank account to pay off another one
- paying off the interest on your loans yet never reducing the loans themselves.
The budgeting tools in our Repossession and Mortgage Debt advice section could help you get to grips with your finances. Completing an income and expenditure form can help you see how much money you have left at the end of the month and help you identify where you can make savings.
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What should I do?
If you do get into debt there are three important things to remember.
- Don't bury your head in the sand - hiding bills and bank statements won't make them go away.
- However much your debts pile up, your rent or mortgage payments should always be top priority. If you don't keep up with your rent or mortgage, you could end up homeless.
- Help is at hand. Get free independent advice.
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Emergency Debt Checklist (
