“Don’t panic,” says David Steele of The Money Charity. “Don’t get pressured into doing something before you have had time to take advice. There are usually managed ways out.”

Contact StepChange on 0800 138 1111. Their professional advice is completely free and the line is open between 8am and 8pm Monday to Friday, and 8am and 4pm on Saturday.

Before you call, fill out StepChange’s online budget form which helps their advisers understand your particular situation.

The charity offers a number of options to help, including debt management plans which allow you to lower your monthly repayments.



Other tips from The Money Charity:

• Pay off more than the minimum amount if you can

• Some credit cards let you transfer the balance from another card. Transferring a debt from a card with a high rate of interest to one with low or 0 per cent interest could help you pay off the debt faster

• Make an assessment of all of your borrowing across cards, loans, overdrafts etc. Make sure you are paying off those with the highest interest rates and charges first

• When charges are taken into account, overdrafts can sometimes be more expensive

• However, remember that credit cards should not take priority over debts such as council tax, rent or utilities, where the consequences of not paying may be worse

Further advice is available from:

• Citizens Advice

• StepChange

• Money Advice Service