Being in debt can drag you down. Not only do you have the financial burden to face, but also the stress that can go with it. When you’re struggling to pay off the amounts that you owe, you can feel as if you’re never going to get your balances down. But that’s often down to the way you choose to pay things off. When you’re chipping away at amounts here and there, it can feel as if you’re not getting anywhere with your debt. But there are ways that you can bring down the amounts faster, and help you to clear your balances once and for all.
First of all, you should look into ensuring that the money you owe is in the best position it can be. If you have large amounts on credit cards, transferring balances can help. But, you should aim to avoid balance transfer traps by making sure that the rates you’re offered are what they seem, and never missing a payment. By moving your balances to a zero percent deal, or lower interest rate than you’re paying now, you’ll find that you can clear the amounts so much quicker.
Freeze Your Interest
Next, you should look at the ways that you can either remove your interest or get more favourable rates. This is similar to getting a balance transfer, however, if you aren’t able to get more credit to move the balance over, or it’s loans that you have, this option could be more effective. By speaking to your lenders and getting a debt help plan, you should find that your situation improves. You can often get better rates just by asking. Your lenders are there to help you after all.
Make A Sale
Both of the above options are great for stopping the amount you owe from increasing, but they aren’t always going to help you bring the balance down overall. For that, you could consider the ways in which you can make more money. Although you may not be able to get a pay rise right away, think about the others ways that you can access money. Selling things like your car (and buying something cheaper if you need it) or other valuable items you own could free up cash to throw into reducing your debt sooner.
See What You’re Entitled To
Then there’s also the idea of finding out what money you could be entitled to. Not only could you see if you qualify for refunds from your bank or even compensation for mis-sold financial products, but you could look into other legal options too. By speaking to experienced professionals such as Mark Reynolds Solicitors, you could get a lump sum for injury or negligence that has happened in the past. The amount that you get would be a great way to rapidly reduce the debt that you owe.
Get Debt Relief
Finally, you could also think about getting some debt relief. If you’ve not been able to consolidate any of your debt, don’t worry; bankruptcy doesn’t have to be your next step. Instead, you can work at getting a bit of relief when you’re struggling so that you don’t have to get into more debt or suffer from a worse financial situation.