It’s often difficult to know where to turn when it comes to managing debts. Many people are unaware of the help that’s available, and many do not realise that their lenders may be willing to help out if money gets tight.

There are a number of things can do to help get yourself out of debt. Here are a few tips for making managing your debts easier.

Contact your lenders
If you are struggling to meet your debt repayments, you should always contact your lenders first. In some cases, your lender(s) may be willing to make a temporary agreement allowing you to make lower monthly payments, or even a payment holiday, in order to get your finances in order.

If you cannot agree anything suitable with your lenders, then it’s time to speak to a debt adviser.

Get free debt advice
A good debt management company will offer free, confidential debt advice. In some cases, a little debt advice may be all that’s required.

A debt adviser will talk you through your situation to help you decide the best way forward for your circumstances. They’ll tell you if a simple reshuffle of your finances could help - or, if the situation is a little more serious, they’ll recommend an appropriate solution to help you pay off your debts.

Assess your own costs
Often, the best form of debt management is to look at your outgoings in detail and see where you might be able to cut back. Consider which costs are essential and which you could do without. Do you really need that satellite TV subscription if you’re struggling to pay your mortgage?

Budget with your money
Some people overspend simply because they haven’t planned their finances well enough. By budgeting properly, it’s easier to avoid unexpected costs and to ensure you have enough money for all your expenses.

By doing this, you know in advance when and where your money is leaving your account, and the disposable income provides a convenient safety net should anything unexpected arise, as well as covering your leisure costs.