If you’ve found yourself in debt after the festive season, don’t panic – there are steps you can take to get back on track.
Measure your situation
One of the most effective ways to get out of debt is to create a budget and stick to it. This means looking at your income and expenses and deciding how much you can realistically afford to put towards paying off your debts each month.
Tackle the most costly debt first
It’s also important to prioritize your debts so that you can tackle the most pressing ones first. This might mean focusing on paying off high-interest credit card debt before paying off lower-interest student loans.
Explore the benefit of combining your debt
A debt consolidation loan can also be a good option, as it allows you to combine all of your debts into one with a lower interest rate and single monthly payment.
Talk to you creditors sooner than later
If you’re having trouble making payments, try negotiating with creditors or considering a credit counseling service for education and support.
Stay focussed
Remember, it’s possible to work towards a debt-free future by creating a plan and sticking to it.