What to do when debt is piling up?!

Do you feel like debt is piling up and you are drowning under financial pressure? Need advice or a way out? Many of us are finding the current financial situation dire and struggling with day to day basic needs, some of us may have even acrued some debt just to trying to live. Whether that’s the case or whether you have just spent more than you meant to or taken on more than you should… there is always a way out!

I would say your first step should always be to budget, look at your monthly incomings and outgoings and work out where you can save and also see what your remaining balance is at the moment once all of your bills are paid. It may be worth also making a seperate note of the total of debt repayments you make each month, this way if you decide to consolodate these debts into one monthly payment you will also see the benefit. One of my favourite ways to do this is actually with a diary. that way I can also keep track of every bill and payment due out that month and what my balance should look like at each time of the month making it easy to stay on track and not be shocked at how much is gone at the end of the month.

Debt can bring so many emotional and mental stresses that you really shouldn’t ignore, it can be so damaging for a person to suffer and worry for so long and I am hoping this article will help you to see a pathway out. Whichever route out of debt you choose, it can and will work if you are prepared to see it through which will lead to a happier, debt-free life free of the stress and worry that constant financial burden brings.

The first option would be to see if you can make any cutbacks in order to cope with the financial pressure you have found yourself under but for many of us this isn’t the case. Generally by the time it has gotten to this point something more needs to be done!

Then I would look at debt consolidation where you would pay off your existing debts and be left with one more affordable monthly payment. For more information on debt consolidation and what you could do please learn more here.

If this still isn’t an option and you have a mortgage then perhaps looking at a debt consolodation mortgage may be worth it. Yes it would increase your monthly payments but it would also relieve the pressure of the debt repayments! Find out more here.

Whichever option seems like the right one for you, please double and triple check where needed. Debt is so hard to deal with for anyone and it can feel crippling but it really doesn’t need to be. I would implore anyone suffering to seek help and really see what their options are and don’t just sit and hide your head in the sand. It won’t go away just because you ignore it and even if you just need to talk it through with a loved one or even a health professional, it will be your first step to a better future.

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