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Debt can quickly lead to high levels of stress, panic, anxiety, and depression and can truly be a horrible situation to find yourself in but remember, it can always be manageable. There are plenty of ways to avoid debt but if you’ve already slid into a hole which looks impossible to get out of then what can be done? Don’t panic, there is a way. So let’s take a deep breath together here and find an answer for what to do next.
First of all. Never make your debts worse than they already are. It’s easy to fall victim and become trapped further in a loan with a ridiculously high-interest rate. A loan may appear to be offering you a quick fix on your situation but if you can’t afford to pay it back then it will no doubt give you even more problems. Avoid a headache and focus on paying back what you already owe.
If you’re not already doing so then it’s time to start budgeting. Wasting money is adding fuel to the fire and you just simply can’t afford to be doing it. Making lists is a great way of discovering where your priorities should lie. Cover the basic needs first, shelter and food, then see what money you have left. There are some great sites online with top tips on saving you money throughout the week, it all adds up.
Ask for help
We’ve already established that asking for another loan isn’t a good way forward so how else can we ask for help. Whoever you are in debt to, it is in their best interest to get back the money that you owe, if you have no money then you simply can’t pay them. Tell them honestly about your situation. They would much rather get back a small amount than nothing at all. You could also find a financial hardship letter example for ideas on how to write to who you owe money to, for help or for a reduction in the amount that they want back. Also, find out if your government can help, some offer different schemes that aim to help and reduce debt.
Time to talk
There are lots of people out there battling with debt. It’s important to remember that you are not alone. There are lots of people you can talk to about it. First of all, avoid talking to any company whose primary goal is to make money out of you, you know the ones who have flashy quick fix campaigns advertised on television, they’re not great. Try instead looking into who’s near you that’s offering sound legal advice. Search online and you can also find numbers to call to help deal with the emotional side of things or forums open for many people like yourself to chat it.
These are only but a few of the simple ways you can tackle debt. The most important thing to remember is not to struggle with your problems by yourself.