The Fixer: Debt action plan

The Fixer logo Have you been left out of pocket due to poor service or sharp practice? Do you have a money problem that won't go away?

It can seem impossible to get a fair result when you are battling a financial issue alone. But never fear! The AOL Money Fixer is here to help.

Dear Fixer,
I am feeling overwhelmed by the level of debt I have on credit cards. I owe money on three credit cards, and I am often being forced to use one of the credit cards to make the repayments on the others because I cannot afford them otherwise.

My bank account balance is rarely above £0 and I seem to be just getting deeper and deeper into debt. What can I do?

H Mullens, Bristol

Dear Ms Mullens,

The first thing you need to do is work out exactly how much you owe. So sit down and make a list of all the banks and other lenders to which you owe money.

The size of the amount you come up with might be a bit of a shock, but it is this sum that you need to deal with if you want to be debt free.

You may be able to get things back under control by consolidating you debts on to a 0% balance transfer credit card (check out the best deals here) or by taking out a low-rate personal loan, the best of which are currently offering headline rates of well under 5%. (Again, you can find the best deals here.)

Either way, you should find it a lot easier and cheaper to manage your debt if you move the whole amount to one place.

Alternatively, try contacting a free debt advice charity such as StepChange. There is no need to pay for help with your debts – the fees charged by debt management companies will only delay you paying off what you owe.

And charities such as StepChange can help you to choose between a variety of ways out, including setting up a debt management plan if it feels you can no longer manage your debt repayments.

The Fixer

Whatever your financial problem, write to and The AOL Money Fixer will get on the case.