With a fluctuating economy leading to uncertainty in the housing and borrowing markets, many people are struggling to keep their finances in order.

As mortgage rates and loan repayments increase, many who have several borrowing plans are now turning to debt management companies in order to make their money go further.

There are a number of factors and situations which can lead to increasing levels of debt, but also a number of solutions that can help in your debt management:

• Increases in borrowing

Many fall into the trap of borrowing more than they can afford, from credit cards to personal loans.

Debt consolidation loans can help with cutting repayments into easily manageable monthly payments, however it is advisable to analyse your spending habits before opting for this option.

It's all very well moving debts from one card to another, but eventually this will need to be repaid, and by putting off the problem you are running the risk of accumulating further debt.

• Discounting bank and credit card statements

As much as you want to pretend they aren't there, the debt will still be there. Be sure to check bank statements, use internet banking and even text message alerts in order to keep track of your finances.

• Lack of saving

Many unpredictable things will happen, and by putting away a little each month you could ensure that you'd have an amount to fall back on in worst-case-scenarios (such as damage to property or personal injury)

• Paying minimum

Try and avoid the temptation to just pay the minimum amount on your credit cards. By paying that little bit extra in order to clear the debt quicker, you could save yourself paying large amounts of interest each month.

• Fear of admittance

If you find yourself in financial difficulty, it is advisable to tell you bank, mortgage lender or credit card provider. It is best to let them know of any potential issues before they get too large to handle - leading to negative marks on your credit rating due to factors like missed payments.

• Not budgeting

By drawing up a spending plan for each month you can prioritise payments of mortgages and bills in order to determine how much you will have to live off for the month, and by planning how to spend the remaining amount (such as food and fuel) you can help to avoid overspending and running into complications for future payments.

By keeping an eye on your credit record also, you can check where you're potentially going wrong with regards to payments, and also be vigilant for any signs of identity fraud.

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