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If you are struggling to stay out of your overdraft in the New Year it might be time to reassess your adverse debts and talk to a financial professional about turning over a new leaf.

If you are struggling with your mortgage repayments, your debt repayments and your bills you might find that you are into your overdraft more often than not. This is not good news – not only will overdraft abuse wreck your credit score but you will also have to add overdraft fines to the growing list of outgoings you have to manage each month.

Dipping into your overdraft is the first sign that things are not right with your finances. An overdraft should be a last resort, a buffer to allow you to get through particularly tough times – if you are using your overdraft every month then you are not handling your money as well as you could.

So talk to a financial professional about taking out new loans or about a debt management scheme. If you want to be ableto be the boss of your money  once again and to be able to save then you need to get a grip of your outgoings. That means consolidating debt, it means budgeting and it means making long-term plans, not short-term fixes.

To Keep up with news and comments on the current adverse credit market please visit the Adverse Mortgage Blog.