How to Deal with Debt

How to Deal with Debt

Mar 1, 2017, 8:47:20 PM Life and Styles

No matter who you are in life, if you have debt, it can become quite a burden.

It does not even matter how much debt you have as a numerical figure; it is about how that figure affects your monthly budget, and therefore your everyday life as a result.

Being in debt can feel as if you’ve got nobody to talk to, nobody to help and every month you are fighting to be able to make ends meet; causing a ridiculous amount of unnecessary stress on you, besides all those extra factors like work, children and food. 

What is important to learn is that debt, like anything else, does not control you and there is a lot of help available out there to help you get through and see light at the end of the tunnel.

Find a Way to Talk That’s Right For You

There are different routes as well you might want to think about using to get the help you feel you need. Some companies offer webchat, email contact, phone calls or even meetings in person to discuss your debt and what you can do about it.

Cutting Interest

There are things you can do whether or not you get advice because doing even one little thing can make a lot of difference to the pressure you may be feeling under.

For example, you may have debts where the interest is much higher than others you are currently paying. One short term solution could be to see if the debt on the higher rate can be swapped to one of the others, although this means you’ll still owe the same amount of money, month by month you’ll be paying out a little bit less, but still removing the same level of debt you had before. This may not be an option for everyone as with high debt may come with a low credit score, meaning obtaining (what is effectively) additional debt to transfer the funds from one lender to another, simply may not be possible or allowed.

If this is the case, then it may be well worth seeing if you can get the companies you’re in debt with to freeze the interest while you get back on your feet. If it helps you pay them back, responsible lenders will usually try and work with you to find a plan that works for both you and them.

Cutting Costs

One other small thing you might be able to do, which anyone can do is to see what you are spending and try and see if you can pay more off your debt by spending less. You can set out a list of items you know are cheapest in each store, then make a route or plan to visit each of those stores in one day or over the week. Some people can be quite stubborn with food choices, and only shop in certain stores, but when it comes to relieving debt, this is a very quick short term task that can lift the burden a little.

Get What’s Owing to You

If you’re in debt because you’re owed money, then it’s essential to try as hard as you can to get payment for any debts owed to you. Professional solicitors such as those at Concept Law can help you by taking the formal route to debt recovery, which can include sending legal letters, instigating court action on your behalf and even undertaking enforcement proceedings, allowing you a better chance of getting paid quicker, so you can pay off any debts you owe.

Seek Professional Help

When it comes to the larger debt that won’t be simply fixed by shopping habits, you can seek solid financial advice. 

There are a lot of people to talk to, both government and independent, to help you figure out a smart plan that will either reduce your level or debt, or remove it altogether. This may sound too easy, but with the removal of debt comes implications that can affect borrowing later on; so as mentioned it is incredibly important to seek advice. The options available to you may entirely depend upon your current situation, such as where you live, if you have children, if you own your home and/or car.

Before you make any decisions or take action, seek advice and put the right foot forward to getting out of debt for good. 

Published by Maria Simpson

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