Consider these questions:

How many credit cards or debit cards do you have? Try to reduce number of credit cards you hold and set yourself a monthly expenditure budget. Do not exceed amount you selected. Rather than have multiple credit cards shop around for one offering best rates and transfer over to that card. The less credit cards or debit cards you have less temptation to overspend.

How many times a week do you go out?

Do you really need to go out clubbing every night of week? Why not reduce number of nights out from seven to two or three. You may be pleasantly surprised to discover that you can live quite well without going out every night. How much do you spend on cigarettes and drink?

Calculate how much per week you spend on cigarettes and drink? Quite surprising, isn’t it? Why not try to cut down on amount you smoke and drink not only for sake of your finances but more importantly for sake of your health.

Do you really need more clothes?

This is a difficult question to answer as we all have different views on style, clothing and fashion. Nevertheless, you need to assess your own circumstances and decide whether that particular item of clothing is absolutely necessary or not. In most cases you will find that it is not as critical as you first thought.

Will car not last another year?

Why change car now. Will it not last for another year? If you must have a new car this year, does it have to be top of range model? You will be pleasantly surprised at how much you can save by not having a few of latest gadgets added.

The weekly shop:

Ask yourself, do I really need two shopping trolleys worth of food every week? We are all obsessed by our weight and yet we all walk out of supermarket laden to excess and then wonder why we are putting on weight. This in turn means that you will spend more money on fancy diets, get more depressed and end up eating more food! Try to buy less and buy fresh.

There is no magic wand as far as recovering from debt is concerned. It takes time, it can be a struggle but it will be worth it in end. Hope that this has helped.

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By having access to your Credit Report you will be able to get a sense of why you possibly have not been granted Credit. Another important point is to check and see that everything on your report is correct. You are allowed to make corrections to your file. As most people don’t get their Credit Report they never know what’s on it or why they are being refused credit. If you fell behind in some of your bill payments you are also allowed to add a note explaining why you did. This may also improve your score.

With all 0% credit cards on offer its worth mentioning that if you are continuously applying for these cards you could be damaging your credit score. The number of times you apply within a 6 to 12 month period can have an adverse effect on your score. If you have been refused credit, don’t just move on to next lender, find out as much as possible as to why it was declined before applying somewhere else.

You can find out more about your Credit Report at Experian and Equifax. It costs £2 for a basic report.