Held down by debt? CiC tackle the issue of personal debt to help employees cut those ties

For some employees, the start of the New Year is a time for new beginnings, hope and anticipation at the year ahead.However, for many, their sense of optimism is clouded by the heavy weight of debt around their shoulders.With Christmas behind us and the effects of the credit squeeze being felt, many cannot see their way out of the minefield of money worries.

CiC, one of the UKís leading Employee Assistance Programme Providers, know through their experience and calls to their 24 hour confidential debt advice line, that debt can have a paralysing effect.The fear can beso overwhelming that it takes over our lives.Unable to concentrate at work, making mistakes, becoming moody and agitated with work colleagues as well as friends and family, the issue can consume all of our thoughts and send us into a deep spiral of depression and anxiety.Statistics show that personal debt in Britain has more than doubled since 2000, now standing at 1.4 trillion.With personal debt nationwide increasing by a staggering 1 million every five minutes,* it is not surprising that personal bankruptcy has gone up 24%.

To address this issue, CiC have released a fact sheet,ëManage Your Way Out of Debtí giving tips and advice on practical steps to taking control of the situation and making a headway into debt:

- CiC advise that the first and most crucial step to managing debt is to face up to the situation.

- The second step is not to panic. Accepting that you are in a difficult position and telling yourself that you have all the tools to get out of debt,will allow you to look at things in a logical manner and tackle the problem.

- Knowing where you stand and what state your finances are in will help you to see what disposable income you have and so you can plan how much realistically you can afford to repay each month.

- Evaluating your spending and earning will allow you to reduce your expenses each month and cut-down on-essentials.

- Setting a budget for essentials and expenses will ensure you stick to a plan. It is also important to set money aside for treats. Not allowing yourself to go out and see friends or have fun will make you miserable and is likely to send you back to excessive spending to alleviate your misery.

- Prioritising your debts will help you address the most important debts first.You will also be able to contact creditors and work with them to establish a realistic payment plan that you can manage.

- Being kind to yourself.Debt happens to millions of other people so it is nothing to be ashamed of.The fact that you are taking steps to sort that out means you should take care of yourself and most importantly respect yourself.Treat yourself to simple luxuries to restore a sense of life and hope.

- Sharing the load.Debt only compounds feelingsof loneliness and fear.Talking to friends, family or colleagues will help you feel supported in your journey out of debt.

* Figure is according to the debt advice charity, CreditAction