Debt Problems

Dealing with debt problems

Make a list of everything you owe
The first job in solving your debt problems is to sort out exactly what you owe, and to whom you owe it (your creditors). You then need to put these debts in order of importance. The most important ('priority') debts aren't necessarily the biggest ones. Priority debts are ones where serious action can be taken against you if you don't pay what you owe.

Priority debts
Priority debts are things such as mortgage repayments, rent, taxes and payments ordered by the courts.

Non-priority debts
Non-priority debts include credit card payments, bank loans, catalogue repayments and money you've borrowed from family or friends. You can't ignore these, but you don't need to deal with them as a first priority.

 

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