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Debt Negotiation Guide:

Stage One
Contact Creditors

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Prioritise Creditors

Stage Three
Financial Statement

Stage Four
Make Offers

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A Guide To Debt Management

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A Guide To Debt Management

Article By Guest Author:

One person is declared insolvent or bankrupt every 60 seconds during each working day - a total of 331 people every day - in the UK, new figures have revealed. They also showed that average household debt, excluding mortgages, was £7,948 in December 2011, and the average consumer borrowing per UK adult was £4,207 the same month.

If you find yourself in a financial pickle it's easy to bury your head in the sand, hoping that somehow the problem will go away. However, Credit Action's January debt statistics revealed that doing so could mean you end up joining the significant number of individuals who file for insolvency or bankruptcy each day.

Christmas, for example, can be an incredibly expensive period that leaves you struggling financially months later. If you're having difficulty coping with a festive financial hangover, you may want to seek a suitable debt management solution like and compare those on offer using a debt solutions comparison website to get yourself in a better position.

To prevent yourself from falling further into debt, the key is to act now and make a list of everything you owe and who you owe it to. You should then make a list of your priority debts - that is, the debts that are considered to be the most important. Bear in mind that your largest debts don't necessarily equate to your most important debts; your priority debts are those where you may be subject to serious action if you don't make payment. These may include mortgage repayments, secured loans, rent, council tax and taxes.

Once you've created this list, you need to draw up another for your weekly or monthly expenses to calculate your own personal budget. Of course, you should look to limit your spending where possible to begin with and from here you can work out how much you can realistically afford to pay back to your creditors.

It's important to seek independent advice from organisations like Citizens Advice and the National Debtline who can talk you through your position and help you come up with the best way for you to get back on top of your finances. Finally, you should talk to your creditors to see if you can come up with a solution directly with them and, if not, you should consider using a mediation service.

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Your home may be repossessed if you do not keep up repayments on a mortgage, loan or any other debt secured on it. Think carefully before securing other debts against your home.