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What is the most common debt problem? It may not be what you think…

When you think of common debt problems, what do you think of? If you were thinking of mortgages or credit cards, you may be surprised by new figures from Citizens Advice.

Council tax debt is now the most common debt problem reported to the organisation. It expects to help with 191,400 of council tax debt issues in 2014/15 – a 20% increase on 2013/14.

Yet during the same period the proportion of debt issues around credit cards, mortgages and unsecured personal loans has declined.

Prioritising and paying off your debts

If you find yourself struggling to make your repayments on time, it’s important to know the difference between priority and non-priority debts.

Priority debts aren’t necessarily the most expensive, or the largest, but they are the ones which could be the most impactful on your life. If you don’t pay up these debts, you could end up -

  • Losing your home – because you’re not keeping up mortgage or rent payments
  • Being made bankrupt – because you’ve haven’t paid your tax bills
  • Having your heating or lighting cut off – because you haven’t paid your fuel bills
  • Receiving a court summons

Council tax does count as one of these debts.

Do you need help with your debts?

If you are really struggling, it can be difficult to know where to turn, but you do have options.  Many debt advice organisations are able togive you solutions tailored to your circumstances. There are organisations you can speak to online and over the phone, while local debt advice providers allow you to set up a face-to-face appointment to speak to an expert adviser in person.

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  • JOHN / 17 February 2015

    greed on us all. can you spend what you have not got. the eye to catch you out.pull the tax
    from you all your life. god help you all. i paid £22.000 for my house in 1980. my son is paying
    120.000 for the same house .thaink