Money can be a headache. If the bills are piling up or if you have fallen into debt it is likely to harm your wellbeing. This stress could lead to sleep problems, low mood and possibly even physical illness, so remember:Money and calculator

  • Don’t put off dealing with debt: the earlier the better
  • It is possible for you to take control of your finances
  • If you can’t manage, get advice

National Debt Line has an online tool that helps you to manage your debts in four steps:

  1. Increasing your income: check you are getting all the money you are entitled to
  2. Working out your personal budget: This will help you decide what options you have
  3. Dealing with your priority debts: find out which debts these are and what you can do
  4. Dealing with your non- priority debts: find out which debts these are and what you can do

If you want to use this tool bear in mind that it will take a long to time to work through it as there are lots of things to check and work out.  However, you can save what you’ve done, so it is possible to work through each step in several chunks of time.

If you don’t want to use the tool, you can read advice about how to manage your debts on the Citizens Advice website.

Don't use loan sharks

Loan sharks are illegal, unlicensed money lenders.  They might seem nice at first, but things can turn nasty if you fall behind on repayments.  These loans might seem a good idea at the time, but things can quickly spiral out of control with enormous interest rate charges.  It might even lead to threats, intimidation or violence.

The Money Advice Service has more information on Loan Sharks and how to spot one.  You can also report a loan shark in confidence by calling the Government Helpline on 0300 555 2222.

All too much to manage by yourself?

Free, independent, non-judgmental and confidential advice is available in Salford. The best place to start is Salford Citizens Advice Bureau or Salford Welfare Rights and Debt Advice.

Other money matters

Salford Credit Union offers local, safe and ethical savings and loans to people on all incomes with much lower interest rates. It also provides help with regular saving.  You can even load money onto a pre-paid debit card to pay bills. Call them or find a local branch near you to find out more.

Wider information on money matters is also available from the Money Advice Service.