In the last blog we looked at ways to control your debt instead of letting it control you.
These were:
Know your debt
Create a budget
Focus on high interest debt first
Cut back on non-essential expenses
Some more ways follow.
Negotiate with creditors
If you’re struggling to make payments, don’t be afraid to reach out to your creditors. Many credit card companies, banks, and lenders are willing to work with you, whether it’s by lowering your interest rates, extending your repayment period, or offering temporary payment relief. It’s better to negotiate than to miss payments, which can badly impact your credit score.
Stay consistent
Consistency is the key to paying off debt. Make your payments on time, even if it’s just the minimum, and continue to track your progress. It may take time, but every payment brings you closer to financial freedom.
Set up automatic payments to ensure you never miss a due date, and as soon as you can pay more, do so!
Avoid new debt
You have started getting your debt under control, it is crucial therefore to avoid accumulating new debt while you’re paying off your existing debt You can do this by regularly looking at your budget to remember what you can and can’t afford; cutting down on using credit cards; and avoid making unnecessary purchases. If possible, leave your credit cards at home or lock them away until your debt is under control. (Many people have found putting their cards in the freezer works!)
Seek professional help if needed
If you feel you still aren’t winning the war with your debt, seeking the help of a financial mentor can be a game-changer and a huge relief. They will offer expert guidance on managing your debt, creating a repayment plan, and even help with negotiating with creditors.
In conclusion
Controlling debt isn’t about making quick fixes; it’s about creating a plan, sticking to it, and making steady progress over time. With determination, consistency, and a little bit of help when needed, you can take control of your debt and build a solid foundation for your financial future. Remember, it’s a marathon, not a sprint, but every step forward is a step toward financial freedom.
And remember - we are here to help.
