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Tips: Pay back your debt without hassle

Tips: Pay back your debt without hassle

Becoming debt-free makes life much easier in today’s world where consumerism and fast-paced buying habits are nearly unavoidable.
 
If you owe money due to your maxed-out credit cards, mortgage, automobile loan, school loan, line of credit or that new mattress set your furniture store advanced upper hand, don’t worry – you are not the only one in such situations. Most people, including myself, bear the weight of being in debt on a regular basis.
 
You can be freed from some of them quite rapidly while others should be dispersed over a longer period. Let's tackle some of the strategies we consider advisable for you to concentrate on first.
 
First thing you need to focus on is prioritizing your debts so you can better organize yourself in getting the ones that are the most critical out of your way. After doing the list of all your owing, you need to distinguish which ones can be categorized as secured and unsecured loans.
 
Unsecured loans can be your credit cards, personal loans, student loans, unpaid utility bills and any other that is not protected by any collateral. A secured loan is typically backed by an asset, such as your house if you have a mortgage or your automobile in case of a car loan for instance.
 
If you are a homeowner therefore hold a secured loan, this should be one of your most noteworthy obligation. If you don’t want to jeopardize or even risk of losing your house, you must take measures to at least make the minimum required payment every month. Ensure that in any given situation, you hold enough subsidizes to clear your high-need obligations then get help with dealing with the rest. Perhaps selling your current house and move in smaller place could be a solution. This way you can remain a homeowner and have some cashback from the current market value difference, which will help you in paying your debts.
 
Priority debts should also include your electricity and cell phone bill. These two are mandatory because you want to be stuck being unemployed in the middle of January for example without having at least one method of communication. Depending on your current situation, considering that you are working and have a steady income, it would be more cost effective to get rid of your most expensive debts.
 
Some debts may be smaller in amount but with a higher interest rate and vice-versa. Clearing those which have higher interest rates will not only make you save money on the long run but also give you some breathing room. It is much better to pay off an amount that strips off bit-by-bit your actual debt balance rather than paying off a high interest amount, creating a point-no-return in your course debt settling.
 
If you are out of options and desperate, you can always file for bankruptcy. Nevertheless, if you want to opt for a better solution, consider debt consolidation. There are also national debut charities such as National Debt line, StepChange or Citizens Advice that provide free and confidential advice to guide people with money problems.
 
At last, your best bet would be to generate extra income and boost the repayment process. If you have some gold or jewellery sitting at home, why not visit a pawnshop and get some quick cash in return. This way you can call back debt collectors, and take payment arrangements with them in accordance with the reality of your financial situation.
 
Being debt-free can be quite a journey but very rewarding on the long run. The key is maintaining sustainability and showing responsibility throughout the progress. Every little steps counts as long as you have the willpower.

04.04.2018