I built up quite a lot of debt on my credit cards. My bank said that they are unable to let me have a further advance on my mortgage due to new lending rules. Will my credit card companies freeze interest on my debts or reduce the interest that is charged on them? If so, how do you go about asking them? All my mortgage and cards are up to date and have never been late with any payments.

Adrian Wilson

Although you don’t actually say, I assume you’re struggling to service the debts you have built up, despite the fact that you have yet to miss any payments. Consolidating your debts into one lower cost loan – for example, by drawing on equity in your home – can sometimes be a sensible option. But for many people, trying to borrow your way out of trouble is a one-way ticket to financial meltdown. Why don’t you draw up a personal budget, to help you focus on what’s coming in and what’s going out. You can find a ready-made budget sheet on the National Debtline website (www.nationaldebtline.co.uk). This might help you identify possible savings you could make to help you keep your head above water. You should also contact all of your lenders, starting with your priority debts such as your mortgage and council tax, to let them know that you’re struggling. They might be able to help you out, for instance, by rescheduling your payments or agreeing a payment holiday. Importantly, if at any stage you feel you’re losing control of the situation, don’t panic. Get in touch with one of the free debt advice charities, such as Citizens Advice, the Consumer Credit Counselling Service or National Debtline. Their expert advisers will help you sort out your debts and get your finances back on track.