Life After Debt: How To Get All Your Debts Paid Off

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You don’t have to take debts to your grave. It’s possible to dig yourself out of these debts and have more disposable income to spend on other things. Here are few ways that you can start making step to a new debt-free life.

Try to pay off more than the minimum payment

Many people settle only for the minimum payment when it comes to repaying their debts. However, paying slightly more than the minimum can often help you in the long run by reducing the overall interest that you end up paying. Start throwing any surprise extra earnings into your debts to help pay them off. This could be money you won in a competition or a work bonus or birthday money.

Start making big cuts

Making some big sacrifices could also help you to pay off your debts quicker. This could involve cutting out a bad habit such as smoking. It could involve selling items in your house that are worth some money but aren’t important such as clothes you no longer wear or an old guitar you now never play. It could even be something drastic such as selling your car or downsizing your house. Sites like can help you to budget.

Negotiate with your creditors

In some cases, it’s possible to negotiate with creditors and get your debts lowered. This could be an option is you’re financially struggling to pay off each debt. A bill provider for example may allow you to pay off a bill in smaller instalments if you can’t pay off the whole thing straight away. There’s even the option of a hiring debt settlement company in more serious cases – you can shop around for these debt settlement plans at sites like Contrastingly, if you’ve been consistently paying each instalment on time, you might be able to negotiate interest rates on certain debts. This is often possible with credit card companies, who may be willing to charge you less if you’ve proved to be a good customer.

Get support when you need it

In certain situations, it could be worth getting support to help pay off your debts. Friends and family could be worth turning to if you are struggling to make each payment – they might be able to contribute some money towards instalments. For cases where creditors may be harassing you to pay back debts, remember your rights as a debtor. If creditors have been making unreasonable phonecalls or have cut off services such as water supply or your electricity without warning, you can usually hire a solicitor to resolve the situation. Getting help is worthwhile as negotiating with your creditor in-person can be a legal minefield – you don’t want to say something or do something that they can use against.

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