If you can’t meet your commitments, talk to your lender/bank about your options as soon as possible.
Try not to miss any payments to avoid getting a bad credit rating.
If you are having trouble paying your credit card bill, stop using your card.
Don’t get a new credit card to pay off the bill on your current credit card. If you can’t afford the repayments, see if you can re-finance your debt into a lower interest loan.
Remember that shares or a fund that includes shares are generally best suited for long term investing and will be affected by market fluctuations.
Find out what your risk profile is so you can make investment decisions that you are comfortable with.
Don’t be put off from saving, especially for the long term. By saving regularly and earning interest on your savings, even the smallest amounts can grow substantially.
Use the Sorted calculators to help you with your decision making. Do your homework so you can make well-informed financial decisions.
Published 17 October 2008
Glossary: interest
Money paid in return for the use of money. If the bank is using your money (in a savings account) they pay you interest. If you are using the bank's money (via a loan), you pay the bank money.
Glossary: shares
Shares and equities refer to the same thing - a share in the ownership of a company and entitlement to any distributions (eg dividends).