Not all debt is a problem. Nearly all of us will take on some kind of debt in our lifetime – whether that means taking out a mortgage, getting a credit card or simply borrowing money from a friend.

Providing you can comfortably afford to pay this back, debt should not cause you any trouble. However, if you have taken on too much debt – or if a change in your circumstances has made your debt unaffordable – it’s time to seek professional debt advice.

Identifying problem debt

There is no particular level of debt that can be classed as ‘problem debt’. Problem debt is simply any debt that you cannot afford to repay, or that’s causing you serious trouble in some other way.

Even if you’re not having trouble repaying your debts now, there could still be signs of trouble ahead. If you are struggling with problem debt – or think you might be heading for difficulties – it’s important that you get the right advice.

How to tackle your debt

The most important thing is that you do not ignore the problem. This will only allow the debts to grow, and could make your problem much worse.

At the first sign of difficulty, contact your lenders to explain the situation. In many cases, your lenders will be understanding and may agree to a temporary reduction in your repayments, or even a ‘payment holiday’ (i.e. they’d let you pay nothing at all for a while), to allow you to get your finances back in order.

If you can’t come to any agreement with your lenders – or if it’s not enough to help – then a professional debt adviser could help you to find a suitable debt solution.

There are a number of debt solutions available, each designed to help borrowers in different situations. Even if your debts are so big that you can’t see yourself repaying them within a reasonable period of time, a debt adviser could help.

Staying in control of debt is especially important for parents. If you are struggling, click here for more help with debt.