• For Individuals
  • Products
  • FREE Credit Report
  • Credit Score
  • Identity Protection
  • £2 Statutory Report
  • The Credit Experts
  • FAQ's
• For Small & Mid-Sized Business
• For Large Enterprise
• About Equifax

• Your Credit
• What is a Credit Score
• Understanding Your Credit
• Life Events
• Identity Theft
• Your Personal Privacy
• Glossary of Terms
• List of Lenders
• About Equifax Credit Experts

Getting out of debt has become more difficult since the introduction of the credit card. The "buy now, pay later" mindset has left millions of consumers fighting an uphill battle. And overspending has no social boundaries -- it happens to the rich, the poor, and everyone in between.

To ensure a good credit score, it's important to pay your bills on time. As you accrue more debt, however, you may find this effort becoming more difficult. But remember, the sooner you get started, the sooner you will arrive at your goal of becoming debt-free.

If You Fall Behind on Payments

• Order copies of your Equifax Credit Report™ and Equifax Credit Score™ and analyse them carefully. By reviewing the risk signals in your Equifax Credit Score™, you can see which factors most affect your credit score.
• Establish a budget immediately to assess your spending habits.
• Lock away your credit cards and don't use them -- but don't cancel them. If you have a low credit score, you may have trouble getting new cards.
• Discuss with your family ways of cutting expenses. Setting goals and limits helps your family work together towards solutions that benefit everyone.
• Consider using some of your savings to eliminate some of your debt. You might be surprised how many hundreds of pounds in interest it could save you.
• Don't apply for new credit cards -- doing so can have a severely adverse effect on your credit score.
• Start to eliminate your debt by paying off the account with the highest interest rate. When that one is paid off, move on to the one with the next highest rate.
• Be wary of "credit repair" clinics that offer to remove late payments or bankruptcies.

Time to Seek Assistance?

If you feel that you are in over your head, it might be time to seek assistance. There are helpful agencies out there that can assist you.

There are some possible pitfalls. Be wary of "credit repair" clinics that offer to remove accurate adverse information from your credit file. Such agencies can be disreputable, preying on vulnerable consumers who are often desperate for help.

There are two reputable agencies that can help you:

CCCS is a non-profit organization that offers free financial counseling to families that need to solve financial problems. CCCS can help you analyse your situation and works with you to develop solutions. There are CCCS offices located throughout the country. Phone 0800 138 1111 for the phone number of the office nearest you, or visit the CCCS website at www.cccs.co.uk.

Payplan has over 20 years experience of offering free, impartial help and advice to anyone dealing with money issues. They have a comprehensive range of solutions that can help you keep your home, clear your unsecured debts and reduce your everyday expenditure. To talk to someone who can help you for free, phone 0800 716 239 or visit the Payplan website at www.payplan.com.