If you're struggling with your financial commitments, you should pay all your essential bills first, such as your mortgage, utility bills (electricity, gas, water), insurance, council tax and also housekeeping. You should make sure that you pay these bills before making any payments towards credit cards or loans.
Your bank or building society should be able to provide you with help and guidance if you're experiencing financial difficulties or just want to talk about your financial situation. They can give you a range of practical tools to help review your financial situation and decide what you can do next.
A common mistake people can make is to leave contacting their lender until the situation becomes critical, which reduces the number of options available to them. Letting your lender know early on that you may struggle to make any payments to them because of a change in your circumstances is the first step. There are many things that lenders can do to help you manage your situation so don't be afraid to get in touch with them.
Understanding your financial situation is key to solving problems you may be experiencing. Seek useful guidance from your bank or building society.
There are a number of ways to reduce your outgoings quickly. Here are some suggestions.
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