#16 Don't rob Peter to pay Paul

by Jane Baker on 29 July 2009  |  0 comments
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Today's piece of 'what not to do with money' advice is all about coping with debts.

Today's piece of 'what not to do with money' advice is all about coping with debts.

#16 Don't rob Peter to pay Paul

You know the old saying, right? In trying to solve one problem, you inadvertently create another.

I think this phrase lends itself particularly well to juggling debts. In other words, if you're using one form of debt to repay another, or to pay your essential household bills, then you know your problems are snowballing.

Let's say you've got into the habit of using one credit card to pay the monthly bill on a second credit card. This is a pretty serious indication that your debts are spiralling out of control and there could be trouble ahead.

So, before you get in too deep, start to tackle them head on now. Thankfully, there are lots of places where you can get totally free advice to set you on the right track. Here is a selection of my favourites:

• Advice UK
• Consumer Credit Counselling Service
• Citizens Advice
• National Debtline

It may just be that a spot of smart budgeting is all that's needed get you back on the straight and narrow. If your difficulties are more serious, don't forget these organisations have years of experience in helping people who are in exactly the same boat as you. All you have to do is ask. Best of luck.