Take Stock

Some times we can be “too close to the wood to see the trees”, that is to say that we are struggling on without taking the time to properly assess how or if we are meeting our living expenses. It is important every now and again to take a step back and take stock of your financial position with regard to your income and expenditure and also the level of debt that you are carrying. Please see our Budgeting Section for more info. on the same and our Budget Plan that will allow you to get a sense of where you stand.

Once you have a clearer view, you may find yourself in one of several postions.

Doing just Fine

You are one of the lucky ones.

Just Managing

If you are currently able to cover your debts and expenses with your income but worry that you may be getting into difficulties, see our Budgeting Section. Now is the ideal time to sort those problems before they escalate.

Struggling

You may have the beginnings of a debt problem if you find yourself doing any of the following.

• Using credit cards to take out cash advances, or to pay bills or mortgage repayments.
• Paying no more than the minimum payments due on your credit card.
• Borrowing money without planning how you’re going to pay it back.
• Borrowing for “lifestyle” expenses or regularly increasing your overdraft to pay for general living costs.
• It is important now to take the necessary steps to rectify this situation. Sometimes we can be tempted to “bury our heads in the sand”. However, it will eventually catch up with you and we will find ourselves in a far worse postion for having ignored it.
• Address your spending, Address your budgeting. Address your borrowing. Feel free to talk to the Credit Union, we are happy to give advice.

In Trouble

Don’t be embarassed. If you are:

• Unable to pay for basic necessities.
• Unable to pay you rent, mortgage, loans, utlitlity bills.
• Receiving letters from credit providers, solicitors, or other debt-recover agencies demanding money.

The first thing to do is to remain calm, the next thing you must do is to talk to each credit provider in turn to work out a reasonable repayment agreement. Back to basics budgeting is required and it is important that you GET HELP. Contact the Credit Union to seek advice and a helping hand.