Put A Dent Into Debt Without Drastic Measures.

If there’s one thing that can be said about the way personal finance works in the 21st century, it’s this:

Falling into debt has never been easier.

The simple fact of the matter is that regardless of good intentions and best efforts, it’s largely impossible to live a full, active, and content life without at least some form of debt. Of course, there’s a huge and important difference between living with essential debts like a mortgage, and finding yourself drowning in debt with money owed to multiple creditors.

Nevertheless, the latter is a reality faced by millions every day – many of whom see little alternative but to take drastic measures or reside themselves to long-term battles they’re never going to win. All of which is quite the shame, as there are in fact so many ways and means by which a real dent can be put in debt, without having to go OTT with the plan of attack.

Here’s a look at five examples to help with your debt:

1 – Get Realistic.

First of all, if you were to sit down with a pen and paper to actually map out everything you spend each month and highlight only the things you absolutely need, you’ll have yourself a blueprint for colossal savings. Be realistic, take control of spending, and use the extra money to lower debt levels – incredibly effective and hardly a drastic measure.

2 – Minimise Debt Types.

If you’re juggling multiple credit cards, it often makes sense to combine all of your balances by way of whichever card gives you the best deal. Or better yet, seek a new credit card with a 0% balance transfer offer and make enormous savings month in and month out for doing pretty much nothing. More often than not, every penny you’re spending on credit card balance interest rates is money you’re throwing down the drain.

3 – Speak to Lenders.

If you find yourself in a situation where keeping up is nigh-on impossible, one of the first things you should be doing is speaking to your lenders and creditors. The reason being that more often than not, lenders are far more inclined to offer special deals, payment plans, and considerations in general than to risk not getting paid back at all. If a lender files for bankruptcy, lenders tend to lose out big time – exactly why it’s in their best interests to help you out when you’re struggling. And even if they say no, it costs nothing to ask.

4 – Switch Providers.

It’s a quick and easy option to say the least – simply switch to a new credit card provider or lender offering better rates of interest, (or even 0%) and make immediate and long-term savings on your outstanding balances.

5 – Consider Consolidation.

Last but not least, a single consolidation loan has the power to wipe out multiple debts and reduce interest rates to absolute minimums. It’s important to seek advice to make sure that taking this route won’t harm your credit score, but when debt gets out of hand, consolidation can be a real life-saver.