Money Matters

Dealing With Debt At A Difficult Time Of Year

Another year is upon us and many people around the world are finding it hard to pull themselves out of the debt that the Christmas period has landed them in. It’s all too easy in this day and age to spend too much, especially with how convenient online shopping has become. A few simple clicks and an item is packed up, in a van, and on the way to your home. This time of year can be difficult too due to bosses reducing hours because of quieter businesses. Luckily, there are some great ways in which you can deal with your debt without having to spend countless hours worrying about it.

Call utility companies

This is the perfect time of year to call all of your utility providers and try and get a better deal because many people choose to switch providers after an expensive winter, so they will be more than willing to try and keep their customers. Call your providers and explain that you’re looking for a cheaper tariff, but you’d like to stay with them, and if they can’t offer anything cheaper, there will be a company who can. If you’re in debt with your current company, an idea might be to come to an agreement with them to pay off your debt in smaller chunks so that you’ve got extra money for living each month. It might take longer to pay it off but it would be much more affordable than your current options. You’ll be surprised at how accommodating utility companies are!

Get a loan

Borrowing more money does seem like a backhanded way of solving money problems, but if you think about it, being able to pay off all of your debts in one go and then have one affordable repayment each month for the coming year (or however long your agreement is). A brilliant way of taking off the stress of debt in one go and getting your head above water. Take a look at some personal bank loans and see if it’s the right option for you! Remember to only borrow if you can afford to make repayments!

Sell unwanted gifts

It’s likely that you’ve been given some gifts over Christmas that you won’t use. Why not sell them for some extra money to put towards paying off your debts!?

Budget everything

Finally, sit down and work out exactly your outgoings and incoming money so that you’re fully aware of your position. While it might be painful to look at, being on the ball with your money will only do your favours. Budget money for food, mortgage/rent, and other essentials so that you know exactly where money is going. Don’t forget to cancel any subscriptions or services you no longer need or use to save yourself some money! You’ll be surprised at how many services you’ve forgotten that you’re paying for, so save yourself some money!

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