For many people, 2023 was going to be the year they get their debts sorted.

It was also going to be the year they lost weight…

…and the year they cut back on drinking…

New Year’s Resolutions are all well and good, but with the ongoing Cost of Living Crisis, getting on top of debt is probably harder than ever.

Without a plan, households up and down the country will likely find themselves in the same old spiral of credit card debt and unpaid overdrafts, or even worse, pay day loans and bailiff debt, not forgetting the utility bills, council tax and anything else that goes out on a regular basis.

It’s not easy for those already in debt, to find a way out, but there are options available.

Debt advice charities and services, the kind we often refer people to, have detailed information on a range of different options including:

• Individual Voluntary Agreement (IVA) – An IVA is a legally binding arrangement between you and your unsecured creditors, where you agree to a single monthly payment over a period of up to five years.

• Debt Management Plan (DMP) – A DMP is an informal agreement between you and your creditors, where a debt management company take a close look at your financial situation, before communicating with creditors about one affordable monthly payment, which is divided amongst them.

• Debt Relief Order (DRO) – A DRO is another way of dealing with debts you can’t afford to pay. A DRO is an alternative to bankruptcy.

• Bankruptcy – This is a court order you can apply for should you have unmanageable debts that you are unable to pay. Bankruptcy sees your assets distributed and sold amongst your creditors.

One example of a debt advice service is the highly rated My Debt Plan, who have helped thousands of people put a plan in place to help get them out of debt. They come recommended by the Manchester Evening News too.

All of the above options come with pros and cons, but any individual or household considering them will be given all of the details before they choose to commit.

The bottom line is this – there is help available and there are always options open to those living in debt.

So, don’t write off your resolution to get on top of your debt in 2023.

Instead, seek advice, make a plan and then follow it through.

You’ll be glad you did.