1. If you find yourself in debt and are having difficulty managing it, notify your lenders. It's better to let them know in advance of problems so something can be worked out.
2. Shop around when you want to borrow money to find the best possible deal.
3. If you don't want to borrow against your home, look for an unsecured loan.
4. The longer you borrow for, the more in interest charges you will end up paying.
5. Some lenders may offer a loan and then defer payment for the first three months. Remember that you will still be paying interest on the amount of money you will borrow.
6. If you pay back a loan early, some lenders charge an early redemption fee. Find out before you borrow if there are any penalties if it is repaid early.
7. If you are experiencing debt problems, contact your local Citizens Advice Bureau who can offer help to reduce what you owe.
8. Beware of lenders who knock on your door offering small loans. You could easily be paying back huge sums of interest to loan sharks. Never sign for a loan without reading the small print.
9. If you are in debt more than you can afford, start cutting up your credit cards to avoid any further temptation.
10. If you are going to consolidate all your loans and debts into one bigger loan, make sure it is the only one you take out. That way you can manage the one loan and not have to worry about further debts.
Top 10 debt tips
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