Birmingham City Council

Debt Free - Top Tips

1. Make a budget and stick to it. After listing all of your income and
spending, look honestly at where you can make savings.

2. Stop using credit NOW! You’ll never get rid of that debt if you keep adding
to it. Start cutting up your credit cards to avoid any further temptation.

3. Prioritise your debts (mortgage, rent, council tax, child maintenance,
utilities) and pay them first. Don’t pay whoever shouts loudest.

4. Beware of ‘short-cuts’. Don’t borrow money to pay off your debt. Beware of
lenders who knock on your door offering small loans. You could easily be
paying back huge sums of interest.

5. Think before you buy. Whatever the deal, think twice, don’t buy from
unauthorised traders and lenders. The initial savings and convenience
may prove to be a false economy.

6. Credit unions offer affordable loans and savings accounts. A full list of
Birmingham credit unions can be found on the website listed below.

7. If you think you have financial problems don’t panic or ignore the
problem. Get advice. Birmingham has many free debt advice services
with trained staff who can offer support and guidance visit: www.birmingham.gov.uk/financialinclusion for more information.