It can be a struggle to find enough cash to get by each month. Wages don’t seem to stretch as far as they used to. And if you’re paying out most of your salary on hire purchase, minimum repayments, and mortgages, then you might be struggling even more. If you’ve started to borrow just to put food on the table, or you’re finding that you have to go without, then it’s time to get help.
It’s easier than you think to become overwhelmed with debt. Yet so many people are embarrassed when they find themselves in trouble. There might be a lot of self-blame that compounds the problem. When you’re in debt and not coping as well as you need to, it’s important not to shy away or bury your head in the sand. They say a problem shared is a problem halved. Don’t let your pride become a barrier to getting the financial help you need.
Another common barrier to getting help is not knowing where to find it. That’s OK. It’s so easy to become swamped with multiple payments. It’s difficult to think straight when you’re under so much pressure to get them paid. What you need to find is emergency debt help that can help you focus your attention on solving these problems. You can’t keep paying them all in full right now. Find the service that can help you reduce the repayment obligations, so you can afford to cover the essentials each month.
There are several approaches you can choose from. The first is to contact each of the companies directly and let them know you’re struggling. Make sure you have listed the companies you owe money to, the amount you owe, the monthly repayment, and the interest charges. Make it clear you need to renegotiate the terms of the agreement, so the repayments are affordable. A debt counselor can help you draft the letters and determine your offers.
If the companies refuse, don’t panic. There are still other approaches to overcome this barrier. The first is to pay off what you owe today. This might be cheaper to do if the interest is added over time to each debt and there are no early repayment fees. How do you pay off the debt today? Sometimes another loan to consolidate the others can work out cheaper. If the interest rate is lesser, the total debt repayable is smaller, and you can see the way to being debt-free in a shorter time, then it might make sense. Your debt counselor can advise you further.
The last barrier to overcome might be yourself. If you’re spending on credit for things that aren’t essential right now, then you need to stop. Make a strict and frugal budget that you can stick to. Quit any gambling that might be adding to the problem. Try to increase your income by taking a second job, earning passive income, or asking for that much-deserved pay rise. See your way out of debt by breaking down the barriers today.
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