Consolidate your debt into an affordable loan

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• Optional payment break at the start of your loan (subject to eligibility)
• No set up fees, no hidden costs
• Fixed rate of interest

In a time of growing economic uncertainty, many people are thinking about their financial future and security. Financial experts report that household debt has risen sharply in recent years in the UK, and if you are one of the many experiencing financial stress, rest assured you are not alone.

It could be a good idea to consolidate your debt into an affordable loan. If carefully managed, a short term personal loan could help to ease your monthly financial burden. And if the interest rate of the loan is fixed, then you know what you are paying each month regardless of changes to interest rates.

Personal loan interest rates can also be much lower than that charged by credit and store cards. Taking out any loan should be considered carefully and if you don't feel you can solve your financial situation be taking it out, then you should read on.

If you are feeling financially stressed, don't wait for the situation to improve by itself, it's best to talk to a financial specialist sooner rather than later.

Loans available to UK residents and over 18's only. Rates depend on circumstances and loan amount.

Getting on top of debt

If you are feeling overwhelmed by your level of debt, there are a few key steps to take that can help to alleviate the financial and emotional burden immediately.

Stop spending unnecessarily

The first step is to STOP spending money on unnecessary expenses. As far as you can, only spend money on what is necessary to survive and cut out everything else. This may seem hard to do at first, but keep in mind that it is not necessarily for ever. So cancel your subscription to cable television, stop buying takeaways and wash your own car instead of taking it to a carwash. Focus on what is necessary to survive, such as food, shelter, warmth and transport.

Create order

The next step is to create order in your financial affairs. Calculate how much money is spent on a monthly basis to keep your household running and then compare this total to your income total.

It may take a bit of discipline to start with but get into the habit of tracking your costs. This means every time you go to the supermarket or you fill up your car with petrol, write it down. Keep a notebook and pen with you for this reason, and by the end of the month you'll have a better idea of where your money is going.

Analyse your finances

Now that you have created order, you can analyse your finances. Compare your essential expenses to your income and you will see how much you can afford to pay off every month. Make a list of your debts and rank them according to interest rate.

Prioritise your debt

Tackle the most pressing debt first. You may decide to pay off a credit card because it has the highest interest rate or you may want to reduce your mortgage because the penalty for defaulting is the harshest.

Talk to someone

If your expenses are greater than your income and you cannot service all of your debt, or if you are feeling overwhelmed in any way, talk to someone. Call the companies concerned and explain your circumstances. Don't allow feelings of shame or embarrassment to stop you taking action, you are not the only person experiencing financial difficulties. And its best that you make the call to them first rather than living in fear each time the phone rings.

There are organisations that are set up to help people in your situation, available to contact online.

The Consumer Credit Counselling Service is a registered charity dedicated to providing free and confidential debt counselling. The Citizens' Advice Bureau also offers free, independent and confidential advice.

The National Debtline gives free and confidential advice, and will also send you a free information pack to help you begin to tackle your debt.