10 Tips to reduce your Debts
1. By prioritizing your bills, you’ll be able to pay off the most important ones first. Perhaps you’ll want to make sure that your mortgage is paid first, and then the utilities, and vehicle finance, followed by your credit and store cards.
2. If you can, pay off more than the minimum amount. This will ensure that you are actually paying off what you owe, rather than just the interest.
3. Don’t use the card in the meantime. Perhaps you could destroy it, so that you’re not tempted to use it again. This will ensure that you don’t accidentally use it. If you really don’t want to destroy it, why not keep it in a safe place, and not in your purse or wallet, so that you won’t have it with you when you go shopping.
4. Save up for the things you want, rather than using a credit, or store card. You’ll have plenty of time to decide whether you really want it or not.
5. Don’t buy things on finance, even if you do get a year interest free. You’ll have to pay for them eventually.
6. Why not try and reduce your spending on luxury or non-essential items and use the money you save to pay off your debts? Do you really need more clothes, another meal out, or the latest gadgets?
7. Why not thing about swapping your car for a smaller one that costs less to buy, is more fuel efficient and costs less to tax and insure? If you buy sensibly you’ll be able to save a fortune.
8. Your credit agreements might be unenforceable, which means that if you have any credit cards, store card, vehicle finance or deferred loans, you won’t have to pay them. Why not find out if you could have your debts paid off by your creditors?
9. At the first sign that you might not be able to meet your bills, make sure you speak to your creditors and see if they can help. Most of them will be willing to help you, and it could make a big difference to you.
10. Seek help if you are struggling. The sooner you get help and advice, the sooner you’ll be able to do something about it.