Published On: Tue, Mar 13th, 2018

How to Get Your Family Out of Debt

One of the most stressful things you can experience as a family is when you are in debt. It can seem that every decision you make is related in some way to your money problems. It could be that you cannot afford to visit the amusement arcade with your children because you can’t afford it. Perhaps you would like to spend more time at home to look after your children, but you must both work full time to pay your debts. However, you don’t have to be in debt forever; if you can come up with a plan, you can reduce your debt.

photo/ Michael Jarmoluk via pixabay

Make Preparations

Before you can deal with your debts, you need all the information you have on all of them. If you have all your debt details in front of you, then you won’t forget anything. All you need is the most recent statement from the company, so you know how much money you still owe. You should also have your computer, paper and some envelopes handy for any correspondence you need to write or email.

Start Making a List

By writing a list of all your debts, you can start to feel better. With all of them written down in front of you, it might not be as bad as you thought. You need to write down the name of the company, the total amount you owe, your minimum repayment and the interest rate. You should also write down the total amount altogether, so you have a baseline figure to work towards. You must remember to include any debt that isn’t on your credit report such as family loans.

Try to Lower Your Interest Rates

One of the most difficult parts of trying to pay off loans is the interest they put on top of the balance. It can mean you are paying almost all interest without touching the debt, which can be frustrating and demoralizing. You need to find out if there is a way that you can get lower interest rates on your debt. Try to call the credit card companies and see if they can lower the interest rate on your cards. Another alternative is to ask the help of a company like https://realpdlhelp.com/ that can help lower your payments by consolidating your loans.

Plan Your Strategy to Repay Your Loans

When you know the figure you need to repay, you can start to find ways to get the money to pay it off. It might be that you need to think about commuting or walking to work instead of taking the car. Perhaps you need to look at your outgoing bills and see if there is anything there you can cancel such as magazine subscriptions. After you have worked out the outgoings, you should be at a figure you can use to reduce your debts. You can then monitor and adjust it as you see things being paid off.

Nobody likes to be in debt, so if you can plan to be debt free, it will make your lives much easier.  

Author: Carol Trehearn

Image/bykst via pixabay

About the Author

- Outside contributors to the Dispatch are always welcome to offer their unique voices, contradictory opinions or presentation of information not included on the site.

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