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Debt management & keeping track of what you owe

Fri 17 April 2020

Debt management & keeping track of what you owe

When we buy things on credit, it can be easy to lose track of spending. Unfortunately, if you don’t manage your debt properly, it can lead to missed payment fees, overspending and a reduced credit score. Here are some tips for better debt management and keeping track of what you owe. 

Take control

It might be daunting adding up all your different debts but avoiding them doesn’t make them go away. Take control of your finances and put steps in place to pay off your debt.

List your debts

Start by working out everything you owe. Create a list showing who you owe money to, how much you owe in total, when you need to make payments and how much you need to pay each time.  

Budget your money

Create a budget that you can stick to. Work out how much you need to set aside from your wages to cover essentials (rent, bills and food) and how much you need to cover the minimum payments on each debt. Try and set aside a little extra each month to pay off your debt faster. 


If you have credit cards with small balances, try to pay these off as quickly as possible rather than just making minimum payments. Prioritise the debts with the highest interest rates or the largest missed payment fees to prevent your debt increasing further. 

Set up direct debits

Late payment fees can be high, so don’t miss your weekly or monthly payments. Setting up direct debits or standing orders can help ensure that you always make the minimum payment on time. You can always pay off a bit extra when you can afford to. 

Use debt tracker apps

There are several debt tracker apps available for smartphones which are designed to help you keep track of your debt more effectively. Do a bit of research on which have the highest reviews and find the one that suits your needs most. 

Use online banking to keep track of your balance

Set up online banking so that you can check your balance regularly. This helps you keep track of what has gone in and out of your account so that you don’t get caught out by unexpected payments that could send you overdrawn. 

Make cutbacks

Look at where you can make cutbacks to your weekly spend and use the savings to pay off debts. You might have to go a month without treats, but it could help you get back on track sooner.  

Consolidate debt

If you have multiple credit cards, loans or other debt, you might find it easier to consolidate all your debt or take advantage of a balance transfer offer. This way, all your debt is in one place, and you only have to worry about one or two payments rather than several. Just be aware of any transfer fees or fees for repaying debts early. 

Ask for help

If you’re finding it a struggle to keep up with repayments or you feel overwhelmed by the amount of debt you have, then ask for help. Your local Citizens Advice Bureaux could be a good place to start if you need a little advice and support. 

About Morses Club

At Morses Club, we understand that feeling out of control when it comes to money can be tough. We offer small cash loans to help with those unexpected costs. Our loans aren’t right for everyone, and you should only borrow what you can afford to pay back. If you would like to find out if a Morses Club cash loan is right for you, then read our FAQs for more information. 

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