As the amount of properties available to rent drops significantly, rents are on the increase, which is added a strain onto many who are already only just struggling to meet their outlays each month. With Christmas being just around the corner, this adds to financial burden especially for those who have children. Adding onto debt with credit cards or loans to see you through may be the last straw and could see many having to find a way out of their debts problem in the New Year.

If I wanted to clear my debt, I might choose a debt management plan to help me to pay off my debts, over a certain amount of time. Another solution is to enter into an IVA. When considering either of these options I would take help and advice from a debt management team to help me make the most suitable choice.

Working out how much I have coming into the home and how much is going out can be very beneficial in helping me to see where I can make cutbacks. Having entered into a debt management plan and having made cutbacks I could become debt free and be better able to manage my money each month to ensure that I did not fall into debt again.