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Debt and credit

It doesn't matter how much you're paid - it's a rare person who hasn't spent more than they earn at some point in their life. Credit cards, store cards, fruit machines, lottery scratch cards - so tempting! Getting into debt is a lot easier than getting back out of it, but there is a way.

If you've just started descending the slippery slope towards debt, now's the time to do something about it:

• Give yourself a limit to live by so that you can concentrate on sorting out your debts.
• It might be worth cutting up your credit cards, to stop the temptation to spend more.
• Make simple cutbacks to save money. For example, don't buy rounds of drinks that will smash your wallet, and become a bargain hunter in the supermarket.
• Be brutal. Four or eight savage weeks are better than six months of half-hearted cutbacks - and the quicker you pay your debts the less interest you'll pay.
• Once you are back in control, work out what caused you to overspend in the first place and how to stop it happening again.
• If you're serious about beating debt, log all your incomings and outgoings. You don't have to record every last penny, just look carefully at your finances once a month and have a major review annually.

There is also help out there if you need advice or support with debt problems:

• Contact your local Citizens' Advice Bureau - many have debt counsellors and money advisers.
• National Debtline offers free expert, confidential and independent advice. Visit their website or call them on 0808 808 4000.

Remember

Under 18s cannot technically be liable for debts as they need to have someone over 18 to guarantee their debt; so it is then the guarantor's responsibility.

Credit and store cards

When you're 18 and have a regular income, you can apply for a credit card or a store card. However, when you buy something using these cards, you are really just "borrowing" the money.

If you pay this back each month in full then you will not be charged interest. However, if you only pay back the minimum payment the card company requires, your debt will reduce very slowly and you will end up paying interest. So you end up paying a lot more for your goods.

Why not budget for items you need and buy everything with cash or your current account debit card? Remember - there's a lot in the old saying "If you haven't got it, don't spend it!".

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