When you’re in debt, life can be stressful. The matter of money is constantly on your mind, and you find yourself wondering if you can afford to pay for all of the essentials each month. Unfortunately, it’s now easier than ever to get yourself into debt because of how easy it is to get into overdrafts, take out loans, and sign up for contracts. In this day and age it’s wise to get into a good routine with your moneyso that you don’t end up in debt. However, if you are currently in debt here’s some tips on how to solve your debt matters in 2018.
Ring around providers
The providers of all of your services from gas to your phone bill should be phoned as soon as possible so that you can try and talk them into giving you a better deal. Explaining your financial situation to your providers will give them an insight and let them assess your payment amount and frequency. More often than not you will be able to land yourself a better deal for less money each month too, so it’s definitely worth the phone call. If you owe your providers money, set up a payment plan that you can pay off slowly alongside your regular monthly payments.
Cancel unwanted services and goods
Many of us pay for services and goods that we no longer need or use. For example, there may be a magazine subscription that you signed yourself up to a few years ago that you no longer feel you want to keep paying for. Check your bank and assess what you need to be paying for and what payments are luxury items. Once you have done this you should be able to cancel many unwanted services and have more money in your bank each month.
Borrow some money
This might seem like a backhanded way of solving money worries, but sometimes consolidating all of your debts into one payment can take major stress off of your mind. Consider taking out a small personal loan so that you can pay off all of your debts and then only have one remaining payment each month to concentrate on. There are loans available for people who have a bad credit score too, so shop around and see what deal could work for your debt matters. Don’t forget to make sure that you will be able to afford the loan repayments otherwise you could end up in a much worse situation than you’re in now.
Take on extra work
Speak to your boss at work and see if you can take on some extra hours at work to make yourself some more money. If this isn’t possible, consider taking on a second part time job so that you can get yourself in the clear financially. Once you’re in the clear, your spare money could be put into savings!
Take on these four bits of advice when it comes to your debt and before you know it you will have your head above water! Good luck!