Managing your finances can seem like an overwhelming challenge from the outset, but you have a support network out there to help.
If you wait too long to speak with an accountant, you run the risk of your debts rising, but being proactive helps you manage situations better and ease your financial concerns.
What can I do to actively tackle financial concerns?
A recent survey conducted by Lowell found that nine in ten people delay finding help with their finances until their situation reaches a very critical point.
Money and finance is a delicate topic and people find it very difficult to speak about them, mainly because they feel ashamed and embarrassed.
Lowell’s survey highlighted this notion, with 71 per cent of women and 58 per cent of men saying they were keeping some form of financial secret from their partner or family.
Taking a proactive approach allows you to address challenges early. Whether they are minor or growing issues, there is plenty of help available to give you the tools to manage these challenges and ease your worries.
A primary example is payment plans, which help you consolidate your debt and manage it effectively so it doesn’t escalate further.
There are different payment plans available, including a Debt Management Plan (DMP), which enables you to spread costs across a certain period while giving some form of payment to your creditors at the same time.
This will satisfy their needs and start a consistent flow of payments being made to gradually reduce your debts.
It’s essential you address financial concerns early
As well as offering insight when people seek help, the survey also shared insight into the number of individuals avoiding their problems altogether
75 per cent of the individuals surveyed said they try to avoid their problems, which is a major risk because if you don’t deal with them, they are only going to get worse and it will be very difficult to recover from.
Failing to address your financial concerns will severely impact your future ambitions. This is because your credit score will be negatively impacted and will likely mean you will struggle to do things such as buy a property or get a bank loan.
Lenders will believe you are not reliable and cannot guarantee repayments will be made, meaning the risk to lend is too great.
In addition to this, you could face legal challenges from creditors seeking repayment if you have failed to communicate or start making payments. This will add further strain to your already precarious financial position and may lead to repossession of your assets and property and bankruptcy.
Our team of accountants is ready to help
It’s important you don’t let your money worries drag on, if you have any current financial challenges or debts that need addressing, our team is here to help you.
We provide comprehensive advice and support so you can confidently tackle those challenges and put plans in place to ensure your debts will be settled, which will give you peace of mind.
For advice on managing your financial challenges, contact our team today.
